Bank expands cross-border payment service

OCBC Wing Hang Bank (China), a wholly-owned subsidiary of Singapore’s OCBC Bank, has launched new digital solutions to further facilitate enterprises’ cross-border payment business.

The new cross-border settlement service, unveiled on the Shenzhen International Trade “Single Window” Platform, provides customers with a paperless "one-stop" solution for submitting cross-border local and foreign currency payment instructions.

Import companies only need one-time submission of all the documents and electronic payment information to complete cross-border purchase and payment business.

The Shenzhen International Trade “Single Window” Platform is a one-click electronic platform launched by the State General Administration of Customs to handle declarations of all links in international trade.

Benjamin Quek Chin Peng, deputy president at OCBC Wing Hang China and head of group corporate banking, said the service will bring their customers a safer and more convenient experience, and provide strong financial support for the early resumption of work during the COVID-19 crisis.