The 7th China International Import Expo (CIIE) was held in Shanghai from November 5 to November 10, 2024, showcasing a wide range of cutting-edge technologies, innovations and products. The event has become an important international platform for promoting trade finance and fostering global cooperation. Capitalizing on the success of the CIIE, China's Industrial Bank (CIB) recently unveiled its enhanced Import Steward Comprehensive Financial Services Solution (the Solution), upgrading its one-stop cross-border financial services platform, CIB Steward (EasyTrade). The upgrade aims to further streamline cross-border settlement and financing processes for market participants, and maximize the "spillover effect" of the CIIE.
The upgraded Solution introduces a number of innovative features within the "I am an Importer" section of CIB Steward (EasyTrade) that will be significantly enhanced. These include automated wire transfers, batch foreign exchange transfers, seamless transactions for non-G7 currencies, real-time tracking of cross-border GPI payments, and automated issuance of import letters of credit. These enhancements are expected to greatly improve the user experience for importing customers, streamline corporate funds management, increase operational efficiency and reduce business costs.
In recent years, CIB has actively contributed to China's high-level opening-up, developing and integrating new cross-border financial products, and expanding its services in various international trade scenarios. Leveraging advanced technologies such as blockchain and optical character recognition (OCR), CIB provides services such as electronic bills of lading, electronic customs and tax payments, and comprehensive guarantee letters for import duties. These innovations are part of CIB's ongoing efforts to enhance its scenario-based financial services. In addition, CIB has connected with various regional cross-border public service platforms and established policy exchange desks to proactively disseminate policy information to businesses and support the growth of emerging forms and models of international trade. CIB also leverages its extensive group-wide research capabilities to provide customers with in-depth analysis and advice on macroeconomic trends, industry sectors, commodity markets and foreign exchange. In this way, CIB helps companies stay abreast of the latest global developments and industry trends, while also advising on foreign exchange risk management using forwards, swaps and options. This ensures that companies can engage in cross-border transactions with greater stability and confidence.
As of the end of October 2024, CIB had facilitated over USD 100 billion in foreign exchange payments for importing companies.