At the beginning of this year, the State Administration of Foreign Exchange implemented the "Management Measures for Banks' Foreign Exchange Business Development (Trial)" to promote the reengineering of commercial banks' foreign exchange business processes and create an institutional environment compatible with a high level of openness. The reporter learned from the Shanghai Branch of the Bank of China that recently, under the guidance of the Shanghai Branch of the State Administration of Foreign Exchange, the Shanghai Branch of the Bank of China successfully launched the first business under the Shanghai regional foreign exchange industry pilot framework.

SAP Software Company is an "early adopter" of the New Deal. As a well-known foreign-invested enterprise, SAP Software Company provides software services to enterprises to help them improve operational efficiency.

"In the past, we needed to prepare tax filing information, contracts, invoices and other documents when paying royalties. There were many types of materials and the preparation process was cumbersome, which increased the burden and pressure on the company's financial department." said the person in charge of the company. After the new policy was released, Bank of China Shanghai Branch immediately contacted the company to explain the key points of the new policy in detail. This pilot policy is based on the bank's overall idea of "full-process management", establishing an ex-ante customer hierarchical management system and an ex-post transaction monitoring system to match differentiated in-process products and services. Bank of China Shanghai Branch relied on the foreign exchange exhibition industry pilot system to conduct a classified assessment of the enterprise and provide the enterprise with a better service plan. After that, after the enterprise puts forward payment needs, it can directly handle the foreign exchange payment business under the service trade with the bank based on the tax filing information and payment instructions. This model not only reduces the "sole costs" of enterprises, but also greatly improves business processing efficiency, and is highly recognized by enterprises.

On the afternoon of January 22, 2024, China Minsheng Bank Fuzhou Branch held the "Cross-border One Family, Win-Win Exhibition Industry" foreign exchange exhibition industry pilot launch and cross-border financial product promotion meeting at the Crowne Plaza Fuzhou Rongqiao Hotel. The Fujian Branch of the State Administration of Foreign Exchange, Fujian Branch of China Export and Credit Insurance Corporation, Fujian Electronic Port Operation Service Co., Ltd., Minsheng Bank Head Office and nearly 50 import and export companies sent representatives to participate.

It is reported that as the volume of cross-border business continues to grow, the State Administration of Foreign Exchange has launched measures for foreign exchange business development, creating conditions for further facilitation of cross-border trade, investment and financing. After the launch of the pilot policy for foreign exchange business development, China Minsheng Bank actively applied for and became a pilot bank, and carried out foreign exchange business development work with the goal of further promoting the implementation of facilitation policies and improving customer experience.