A New Chapter in China-Africa Trade: Launch of Global Pay Africa Service
On September 2, 2024, ahead of the Forum on China-Africa Cooperation (FOCAC) Summit, the Industrial and Commercial Bank of China (ICBC) and Standard Bank Group jointly hosted the "China-Africa Cooperation for Mutual Benefit and Win-Win Development" forum in Beijing. The event was attended by South African Minister of Small Business Development Stella Ndabeni-Abrahams, Tanzanian Minister of Planning and Investment Kitila Mkumbo, Deputy Director of the West Asia and Africa Department of China's Ministry of Commerce, Yuan Lin, ICBC Chairman Liao Lin, ICBC President Liu Jun, Standard Bank Group CEO Sim Tshabalala, and Deputy CEO Kenny Fihla. ICBC Vice President Zhang Shouchuan moderated the forum, which was attended by Senior Business Director Tian Fenglin and representatives from nearly 50 Chinese and African companies.
During the forum, ICBC and Standard Bank Group jointly announced three major cooperative achievements.
First, the launch of the “Global Pay Africa” service will allow companies to access ICBC's platform for streamlined management of outward payments from their Standard Bank accounts.
Second, ICBC, Standard Bank Group, and Cross-border Interbank Payment and Clearing Co., Ltd. signed a tripartite memorandum of understanding to jointly support the expanded use of the renminbi in Africa.
Third, ICBC and Standard Bank Group signed cooperation agreements with key clients to inject new momentum into China-Africa collaboration, continuously enhancing both banks' service capabilities in the China-Africa economic corridor.
The “Global Pay Africa” service represents an important extension of ICBC's global payment services in the African region. By directly connecting the systems of ICBC and Standard Bank Group, the service provides multinational corporations with a convenient, secure, and efficient centralized payment solution for the African market. Businesses can access ICBC’s service portal through a single point of entry to manage outward payments from their Standard Bank accounts. The service has already been successfully implemented in South Africa, Namibia, Mozambique, and Malawi.
First, please LoginComment After ~