Recently, the State Administration of Foreign Exchange issued the “Administrative Measures for Bank Foreign Exchange Business Operations (Trial)” and a “1+6” regulatory framework, aiming to enhance the efficiency of bank foreign exchange operations while effectively mitigating risks. In response, China's Industrial Bank (CIB) took proactive steps by launching foreign exchange business operation reforms at its branches in Fuzhou, Xiamen, and Qingdao in early 2025. By integrating front, middle, and back-office systems, CIB established a standardized, digitalized, and intelligent foreign exchange operation system, bringing convenience to enterprises engaged in cross-border transactions.
“In the past, trade commission payments required case-by-case verification, along with the submission of over a dozen documents such as original contracts and payment receipts, which was time-consuming and labor-intensive. Now, with online submission of transaction instructions, the process can be completed in just five minutes,” remarked the financial officer of a cross-border trade company in Fuzhou. The company specializes in the R&D, production, and export of diamond wire saws and related equipment, with its products sold in over 30 countries worldwide. The high frequency of foreign exchange receipts and commission payments had long subjected the company to cumbersome documentation and lengthy approval processes. Following the implementation of CIB Fuzhou Branch’s foreign exchange operation reforms, the company was classified as a “Category-1 Client.” Through CIB's “Industrial Steward EasyTrade” system, it can now complete foreign exchange transactions by submitting instructions online, eliminating the need for paper documents entirely. The efficiency of single transactions has improved by over 80%, significantly reducing both labor and time costs.
A representative from CIB's International Business Department stated that the experience gained from the first batch of pilot branches will lay a solid foundation for nationwide expansion. Leveraging the foreign exchange operation project, CIB will streamline processes to provide differentiated and convenient services for high-quality clients. The bank remains committed to enhancing the efficiency of cross-border transactions, fostering a business environment where “greater compliance brings greater convenience,” and upholding its mission of serving the real economy through financial services.