Banks to offer customized services for November's import expo

China’s banks and their foreign counterparts will offer tailor-made financial products and services to meet the various needs of exhibitors and buyers expected to come for the China International Import Expo held in November in Shanghai.

The Industrial and Commercial Bank of China, the country’s largest commercial lender, said that it will launch an efficient and cost-saving payment solution called “ICBC Quick Remittance” for the expo and customers.

ICBC will tap its strong global clearing network to offer its customers same-day cross-border payment through multiple channels like at the counter and Internet banking platform, Cao Qi, vice president of the bank’s Shanghai branch, said during an event held by the Shanghai Banking Association yesterday.

Bank of China, the country’s most internationalized bank, said that it will provide a comprehensive service pack including payment, foreign exchange, guarantee and financing for exhibitors and buyers during the CIIE.

Yu Weichi, vice president of BOC’s Shanghai branch, predicts that there will be sharp rise in the need for foreign exchange during the CIIE and the bank will offer services for as many as 33 currencies.

Yu added that BOC will also provide on-the-spot translation and interpretation services to better meet their clients’ needs during the six-day event.

Foreign banks are also gearing up their presence and services for CIIE.

Citibank (China) said it will offer supply chain finance service, among others, for the exhibitors by leveraging its advantages in global trade as well as its experience in doing innovative business in the China (Shanghai) Pilot Free Trade Zone.

MUFG Bank (China) Ltd, a member of Japan’s largest multinational commercial bank, said it will use its wide advisory expertise and rich experience in payment solutions and cash management to provide the best support during the event.

To prepare for the expo, the Shanghai Banking Association unveiled a notice showcasing its member’s services.

The CIIE will be held from November 5 to 10 in Shanghai and is set to attract over 150,000 participants from 130 countries. As the world’s second largest importer of goods, China expects to import US$24 trillion over the next 15 years.