Electronic fence account business officially launched in Hengqin
On May 6, 2024, the "Administrative Measures for the Electronic Fence Account in Guangdong-Macao In-Depth Cooperation Zone in Hengqin" came into effect. Ten banks in the cooperation zone were included in the pilot program, opening electronic fence accounts for the first group of customers and handling business transactions, marking the official launch of the electronic fence account business in the cooperation zone.
According to statistics, by 5 pm on May 6, the pilot banks in the cooperation zone had collectively opened approximately 60 electronic fence accounts, involving various types of entities such as businesses within the zone, and businesses and individuals from Hong Kong and Macao. These businesses cover key development areas in the cooperation zone, including high-end manufacturing, technological research and development, biomedicine, cultural tourism, and commerce.
Banking institutions have processed various transactions for business entities, including cross-border trade settlement, foreign exchange settlement and sales, loans, and other services, with a total amount of over 35 million yuan in fund transfers.
Next, the executive committee of the cooperation zone will encourage the participation of more qualified banking institutions, businesses, and individuals in the pilot work of the electronic fence account.
The so-called multi-functional free trade (electronic fence) sub account accounting business in the cooperation zone refers to the financial institutions in the cooperation zone providing cross-border fund settlement and investment and financing exchange services to eligible intra zone institutions, overseas institutions, and overseas individuals through sub account identification within the existing free trade (FT) account system.
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