finaltablepokerclub| ICBC piloted multi-functional free trade account services

Source: industrial and Commercial Bank of China

May 6, 2024FinaltablepokerclubWith the approval of the people's Bank of China, Hainan Branch and Guangdong Branch of the Industrial and Commercial Bank of China officially launched the multi-function free trade account (EF account) business. On the first day of launch, ICBC handled for enterprises in Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone, overseas enterprises, as well as Macao residents in the cooperation zone.FinaltablepokerclubA variety of businesses such as account opening, settlement, exchange and so on. This is a powerful measure for ICBC to serve the construction of Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone and to promote a high level of opening up to the outside world.

It is understood that EF accounts follow the principles of "first-line liberalization, second-line cross-border management, and cross-second-line limited infiltration of accounts with the same name," and realize the free transfer of funds with overseas accounts and other accounts in accordance with the law, which is an important infrastructure for financial reform and innovation and foreign cooperation and opening up. The transactions between EF accounts and overseas accounts are regarded as "cross-line", and funds can be handled directly on the basis of receipt and payment instructions in accordance with the law; transactions between EF accounts and domestic accounts (including accounts with the same name) are regarded as "cross-line", and fund transfers are managed in accordance with cross-border transactions. As the offshore exchange rate is adopted in the EF account, when the offshore exchange rate is better than the onshore exchange rate, enterprises can independently choose to open an EF account for exchange business to save capital costs. At the same time, the EF account is a multi-currency convertible local and foreign currency account, which is convenient, flexible and efficient for customers. Relying on EF accounts, ICBC can provide financial services such as cross-border capital settlement, exchange, investment and financing for qualified operators, facilitate the convenient and efficient flow of various financial elements, and effectively enhance the level of trade and investment liberalization and facilitation between the two places.

In the next step, ICBC will continue to give full play to the advantages of the group's financial technology, customer base and professional products, and rely on a rich and powerful free trade account service system to promote and apply its policies. to meet the global cross-border capital collection, integrated settlement of local and foreign currencies, cross-border financing and other full-chain and life-cycle financial needs of "bringing in" and "going out" enterprises. Help more qualified operators to share the dividend of multi-functional free trade account reform.