"Completing the entire process took less than 10 minutes. Registering our enterprise in the Trade Forex Payment and Receipt Directory at the bank allows us to explore overseas markets more conveniently," said a financial staff member of a daily necessities company in Dalian after successfully completing the registration on June 1 at CIB.
Recently, the State Administration of Foreign Exchange (SAFE) issued the Notice on Further Optimizing Trade Forex Business Management, eliminating the requirement for SAFE branches to approve the registration of the "Trade Forex Payment and Receipt Directory" (hereinafter referred to as the Directory). This task has been shifted to domestic banks, effective June 1. CIB responded proactively, facilitating Directory registrations for multiple enterprise clients both online and offline on the policy’s launch day in cities including Shenzhen, Chengdu, Chongqing, Shijiazhuang, Hohhot, Suzhou, Zhangzhou, Dalian, and Longyan.
To ensure the smooth processing of Directory registrations, CIB swiftly upgraded its "Single Doc Pass" business system, guaranteeing seamless online registration applications on the policy’s first day of implementation. Additionally, CIB pre-announced the list of accepting branches and contact persons through various channels such as lobby LEDs, promotional brochures, and WeChat public accounts, and conducted staff training to facilitate enterprise inquiries and applications. Currently, nearly a thousand CIB branches can handle Directory registrations, reducing both the “physical” and time costs for enterprises, thus easing their “path to international expansion”.
"The implementation of this policy not only optimizes the forex service process and enhances the customer service experience but also brings new opportunities for the development of the bank’s forex business," said a representative from CIB's Transaction Banking/International Business Department.
Since the beginning of this year, CIB has been thoroughly implementing the spirit of the Central Financial Work Conference, adhering to the principle of "finance for the people", promoting the facilitation of forex services, and supporting the Hainan Free Trade Port and the Hengqin Guangdong-Macao In-Depth Cooperation Zone in launching multifunctional free trade accounts. These initiatives further optimize the payment service environment, facilitate cross-border trade and investment, promote the internationalization of the RMB, and support the country's high-level opening up.