Assist in stabilizing foreign trade and foreign investment. Shanghai Bank builds the "Five New Digital Financial Service Systems" for cross-border trade and banking

Release time:Apr 13, 2024 22:24 PM

On June 20th, the Shanghai Bank Innovation Special Event - Lingang New Area New International Trade "Hundred Trillion" Series of Digital Trade Activities was successfully held. This event was jointly organized by Shanghai Bank Free Trade Zone Branch and Shanghai Lingang New Area Economic Development Co., Ltd., attracting more than 200 guests including leading enterprises in the digital trade industry to participate. At the event, the "Five New Digital Financial Service Systems" of cross-border finance constructed by Shanghai Bank attracted a lot of attention.

Five New Systems of Digital Financial Services for Cross border Finance

The report of the 20th National Congress of the Communist Party of China put forward clear requirements for accelerating the development of the digital economy. Integrating into the development trend of the digital economy, creating "digital finance", and promoting "digital trade" are inevitable requirements for the digital transformation of banks, as well as necessary measures to promote new trade formats through cross-border new products.

According to Ye Zhengxiang, General Manager of the Overseas Business Department of the Head Office of Bank of Shanghai, in order to help stabilize foreign trade and solve the business pain points of "one-stop" and "integration" of cross-border customer financial services, the bank relies on cross-border platforms such as the free trade sub account accounting unit to create a new digital financial service system targeting five major aspects: "entry of overseas people", "new trade formats", "cross-border settlement channels", "international settlement" and "inclusive foreign trade business", committed to injecting fresh financial vitality into the development of the digital trade economy.

During the second China International Import Expo, Shanghai Bank innovatively launched "Travel Card" and "TourCard" products to provide convenient domestic mobile payment services for overseas people. As of May 2023, the "Travel Card" has served a total of 333600 users in 219 countries and regions, covering various consumption scenarios such as catering, tourism, transportation, shopping in shopping malls, e-commerce, and entertainment.

In terms of "new trade formats", this cross-border e-commerce company provides a series of comprehensive financial services, including fund settlement, fee payment, etc. It has launched products such as "Export E-commerce Collection" and has served over 100000 small and micro export sellers.

Shanghai Bank also provides cross-border RMB transfer services to reduce costs and increase efficiency in cross-border payments for inclusive small and medium-sized traders. While increasing the use of cross-border RMB, it expands the scope of CIPS and ensures the security and reliability of cross-border data.

In terms of "international settlement", the bank's star product "Shangyin Zhihui+" is a fully online intelligent international settlement platform, which has officially opened multiple electronic channels such as PC and mobile phones, covering various services such as cross-border income and expenditure, foreign exchange settlement and sales, document settlement, trade financing, derivatives, cross-border fund pool, etc.

In terms of "inclusive foreign trade business", the bank has launched an "online credit insurance loan" product, focusing on supporting the development of small and medium-sized foreign trade enterprises and playing a positive role in implementing the "stable foreign trade" policy.

Enhancing the strategy and high-quality development of serving new areas

The "100 trillion yuan" plan for new international trade is jointly initiated by the Lingang New Area Management Committee and Shanghai Lingang Group. The aim is to accelerate the gathering and cultivation of a group of leading domestic and foreign enterprises with large trade scale and strong global resource allocation capabilities, promote rapid and large-scale development of regional economy, and provide "new area solutions" for enterprises to coordinate the development of onshore and offshore businesses and better utilize the two markets and resources.

As a local legal entity bank and one of the first joint-stock banks to settle in Lingang, Shanghai Bank adheres to serving the local economy, assisting in the implementation of strategies such as the integration of the Yangtze River Delta, the Beijing Tianjin Hebei cooperation, the Guangdong Hong Kong Macao Greater Bay Area, and the Chengdu Chongqing dual city economic circle. It has established a three-dimensional institution of investment banks spanning Guangdong and Hong Kong, and a "one body, two wings" service circle covering the core area of the Greater Bay Area. It has increased investment in areas such as inclusiveness, science and technology innovation, green, and people's livelihood, and taken multiple measures to support the transformation and upgrading of the real economy, continuously improving the quality of services for cross-border digital trade economy.

On May 10th, the Shanghai Bank Free Trade Zone Branch officially relocated to the Lingang New Area, with the aim of optimizing and strengthening its operational resources and layout in the Shanghai Pilot Free Trade Zone and Lingang New Area, and establishing a special investment and financing quota of 100 billion yuan to more effectively serve the upgrading strategy and high-quality development of the pilot free trade zone. Continuously supporting the development of the Lingang New Area with high-quality and efficient financial services, exploring business innovations such as cross-border investment and financing, offshore trade, and digital trade.

The unveiling ceremony of the "Lingang New Area Digital Trade Industry Alliance" and the "Shanghai Digital Commerce Association Lingang New Area Innovation Studio" was also held at the event site. At the same time, the Shanghai Bank Free Trade Zone Branch and Shanghai Lingang New Area Economic Development Co., Ltd. jointly signed the "Lingang New Area Digital Trade Innovation Cooperation Agreement". According to the agreement, the two sides will leverage their complementary advantages in resources to carry out comprehensive cooperation in cross-border financial services, new international trade, and other aspects.

"Our bank will actively promote the construction of the 'Lingang New Area Digital Trade Industry Alliance', and on the basis of early cooperation, carry out innovation pilot projects with the goal of '100 trillion yuan'. Shanghai Bank will also continue to closely follow the strategic positioning of the Lingang New Area, focus on key areas of digital trade innovation and development, provide financial support for the development of digital trade, new international trade, and cross-border innovation business, and provide high-quality financial services for corporate customers," said Zhu Jian, President of Shanghai Bank.

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"The golden mountain is slowly flowing, and the tin water is devoid of vegetation and spring". The scenery of the Taihu Lake Lake is picturesque, and the scenery of lakes and mountains is intoxicating. Wuxi, known as the "Pearl of the Taihu Lake Lake", is not only home to many famous literati, but also an important economic center in eastern China, with developed industry and commerce. Since the lifting of the local pickup truck ban last year and the official implementation of the Wuxi Service Integration into the Shanghai Metropolitan Area Action Plan this year, the Wuxi pickup truck market has ushered in new opportunities for development. Diversified lifestyles such as mountain running, fishing, skiing, and camping have emerged, injecting fresh vitality into the local pickup truck life. On August 12th, the StarCraft pickup truck was heavily launched in Wuxi, shining in the East China region with its hardcore quality. At the delivery ceremony, the first batch of interstellar pickup truck owners also officially picked up their beloved cars, taking the lead in embarking on a "interstellar" journey. On site by SAIC Maxus MA

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