The Bank of East Asia (China) (BEA China) has signed an agreement Shanghai Shengpay e-payment Service Company (SDP) to offer cross-border electronic renminbi payment services.
With this deal, BEA China has become first foreign bank to provide cross-border electronic renminbi payment services in Shanghai’s pilot free-trade zone.
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Through this deal, BEA China will be able to further develop its international trade payment business as well as cross-border RMB settlement business under other current account items.
According to Bank of East Asia, BEA China’s personal customers will also be able to use the new Electronic RMB Payment Service to pay for goods purchased from overseas through the internet, overseas tuition fees, and flight tickets and hotel reservations in RMB.
Meanwhile, BEA China’s corporate customers will be able to receive payments for goods in RMB directly, and settle payments in RMB through the bank’s Electronic RMB Payment Service channel.
Additionally, the Shanghai Office of the China Banking Regulatory Commission has granted approval to BEA China’s Shanghai FTZ sub-branch to conduct personal banking business.
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By GlobalDataWith this approval, the bank’s Shanghai FTZ Sub-branch will focus on expanding its customer base including both domestic and international customers.
