The banking industry accelerates financial service innovation to support the development of new foreign trade formats
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Cross-border e-commerce, overseas warehouses… In recent years, new foreign trade formats have flourished and become an important stabilizing force for foreign trade. At the same time, they have also put forward differentiated demands for cross-border financial services. The reporter learned from many banks that in order to better support the development of new foreign trade formats, banks have strengthened policy guidance, increased credit investment, and accelerated product and service innovation.
As the main financial institution serving the development of foreign trade, the Export-Import Bank of China regards new business forms and models of foreign trade as key support objects. “The Export-Import Bank’s loan balance to support new formats and new models of foreign trade has increased by more than five times in the past two years. In 2023 alone, more than 130 projects will receive strong support.” Wu Fulin, chairman of the Export-Import Bank of China, said, “Compared with traditional trade, Compared with this, new foreign trade formats have more market entities, more flexible transaction methods, and greater innovative demand for efficient and convenient financial services.”
In order to strengthen policy guidance and meet the financial needs of new foreign trade formats, the Export-Import Bank of China has studied the development and operation characteristics of cross-border e-commerce and issued a work plan to support its development. It has also focused on exploring and optimizing financial service models for overseas warehouses, providing services for building, managing and managing warehouses. Different participants in the entire industry chain such as warehousing and logistics provide a package of comprehensive financial services.
Wu Fulin said: “New business types have high frequency and small amount of capital needs, and the light-asset operating model cannot meet the bank’s mortgage and pledge requirements. They need to make full use of non-financial information such as capital flow and cargo flow, and make full use of the Internet, big data, blockchain, etc. New technological means can reduce the dependence of financial institutions’ loans on collateral and solve the problem of information asymmetry with technological empowerment.”
The Export-Import Bank of China’s Export-Import Bank of China has innovatively launched the “Trade Win Loan” financing product focusing on the specific scenario of comprehensive foreign trade service enterprises serving the export of small and micro foreign trade enterprises, which reflects the above characteristics. Under this model, the Export-Import Bank of China cooperates with relevant institutions to create online and intelligent financing products based on real export data and big data analysis, solving the problems of lack of collateral and information asymmetry.
The rapid development of new foreign trade formats has put forward urgent demands for bank cross-border settlement service support. Bank of China, which has the advantage of being a professional foreign exchange and foreign trade bank, has vigorously developed cross-border e-commerce cross-border RMB settlement business in recent years. “In 2023, the scale of Bank of China’s cross-border e-commerce settlement business has grown rapidly, with a year-on-year growth of nearly 120%, leading the industry.” said Wang Xiaoli, deputy general manager of Bank of China’s Transaction Banking Department.
In her opinion, the new foreign trade format has outstanding characteristics of “small amounts, high frequency and large volumes”, and the cross-border settlement model is very different from traditional foreign trade. “This requires banks to innovate products and services to meet their settlement and financing needs, and to carry out effective risk prevention and control.”
According to reports, Bank of China has innovatively launched the “BOC Cross-border e-Commerce” series of products in the field of cross-border e-commerce settlement, which can connect to domestic and foreign payment institutions, cross-border e-commerce platforms and other different scenarios. Compared with traditional cross-border settlement business, it supports Batch and online settlement effectively meet the batch and real-time settlement needs of cross-border e-commerce. In terms of trade background verification, Bank of China deploys a series of parametric models before, during and after the event, and makes full use of structured data from all parties to continuously screen and warn suspicious transactions.
In recent years, China has accelerated the layout of cross-border logistics facilities such as overseas warehouses. “In terms of serving overseas warehouses, so far, Bank of China has established close customer relationships with more than 130 overseas warehouse companies across the country, providing them with comprehensive financial services such as global accounts, cross-border fund settlement, operating lease guarantees, and cross-border fund pools. .” Wang Xiaoli said.
In addition to policy banks and large state-owned commercial banks, joint-stock banks are also continuing to make efforts in new foreign trade formats.
It is understood that Industrial Bank has established an international business department at its head office to coordinate and integrate resources and strengthen professional services and financial support for new foreign trade formats. Branches in regional areas such as the Pearl River Delta and Yangtze River Delta where new foreign trade formats are concentrated have also set up international business departments to provide front-line services.
Zeng Xiaoyang, Vice President of Industrial Bank, said: “In recent years, Industrial Bank has served more than 10,000 new foreign trade customers. In 2023, it will handle cross-border settlements of RMB 85.996 billion for new foreign trade customers.” In terms of product innovation, Industrial Bank Taking the “single window” for international trade and the cross-border financial service platform established by the State Administration of Foreign Exchange as the entry point into the scenario, the bank innovatively launched the “cross-border financing for small and micro enterprises” online export financing product to meet the online needs of customers in new foreign trade formats. Efficient and inclusive financing needs.
The reporter learned from many banks that in the next step, each bank will continue to improve financial services for new foreign trade formats. Taken together, banks will mainly focus on improving the matching of credit needs, promoting refined services, innovating inclusive online services, improving cross-border payment efficiency, and improving overseas service capabilities to better support the development of new foreign trade formats.
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