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Banks ready to customize services for CIIE
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China鈥檚 banks and their foreign counterparts will offer tailor-made financial products and services to meet the various needs of exhibitors and buyers expected to come for the China International Import Expo held in November in Shanghai.
The Industrial and Commercial Bank of China, the country鈥檚 largest commercial lender, said that it will launch an efficient and cost-saving payment solution called 鈥淚CBC Quick Remittance鈥 for the expo and customers.
ICBC will tap its strong global clearing network to offer its customers same-day cross-border payment through multiple channels like at the counter and Internet banking platform, Cao Qi, vice president of the bank鈥檚 Shanghai branch, said during an event held by the Shanghai Banking Association yesterday.
Bank of China, the country鈥檚 most internationalized bank, said that it will provide a comprehensive service pack including payment, foreign exchange, guarantee and financing for exhibitors and buyers during the CIIE.
Yu Weichi, vice president of BOC鈥檚 Shanghai branch, predicts that there will be sharp rise in the need for foreign exchange during the CIIE and the bank will offer services for as many as 33 currencies.
Yu added that BOC will also provide on-the-spot translation and interpretation services to better meet their clients鈥 needs during the six-day event.
Foreign banks are also gearing up their presence and services for CIIE.
Citibank (China) said it will offer a supply chain finance service for the exhibitors by leveraging its advantages in global trade as well as its experience in doing innovative business in the China (Shanghai) Pilot Free Trade Zone.
MUFG Bank (China) Ltd, a member of Japan鈥檚 largest multinational commercial bank, said it will use its wide advisory expertise and rich experience in payment solutions and cash management to provide the best support during the event.
To prepare for the expo, the Shanghai Banking Association unveiled a notice showcasing its member鈥檚 services.
The CIIE will be held from November 5 to 10 in Shanghai and is set to attract over 150,000 participants from 130 countries. As the world鈥檚 second largest importer of goods, China expects to import US$24 trillion over the next 15 years.
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