Chinese Financial Institutions to Offer On-Demand Monetary Solutions at CIIE
Xu Wei
DATE:  Nov 01 2018
/ SOURCE:  Yicai
Chinese Financial Institutions to Offer On-Demand Monetary Solutions at CIIE Chinese Financial Institutions to Offer On-Demand Monetary Solutions at CIIE

(Yicai Global) Nov. 1 -- China's biggest financial institutions are fully prepared for the inaugural China International Import Expo, which will kick off on Nov. 5, and will offer a wide range of monetary solutions.

State-funded policy bank the Export-Import Bank of China, has launched a special financial service package for the expo which will combine consulting, funding, payment, risk aversion and other services customized for buyers to cover the whole process of import trade.

China's big five commercial lenders, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, China Construction Bank and the Bank of Communications, have also issued special solutions respectively, state-backed People's Daily reported.

Foreign and Chinese banks in Shanghai are actively improving their framework plans for expo financial services to cater to sellers and buyers' financial needs related to import and export trade. They are also perfecting detailed plans for product design, customer-matching, risk prevention and controls, network services, security and media.

BOC's Shanghai office has set up a service system covering basic, featured and exclusive products, and has launched an online credit service platform tailored to SME buyers to meet their needs and reduce their financing costs.

Bank of Shanghai has formed a special team for the Expo. The bank has combined resources from its overseas business department, government and group customer department, and planning and accounting department, while developing a special work plan for various supporting services and procurement. It will also leverage its strategic cooperation with the Spanish bank Banco Santander to actively build a bridge for financial services for domestic and foreign customers.

Foreign banks in Shanghai will use their advantages related to their parent companies' global network and cross border finance resources. They will set up booths to promote their brands and services, make speeches at forums, hold expert talks, and provide payment and trade financing services for expo participants.

More than 3,000 companies will attend CIIE. These entail that multiple insurance companies will be put through their paces to safeguard exhibits with customized solutions such as 'one solution per exhibition hall' and 'one solution per group' models.

The expo's "Diamond and Gem Themed Pavilion" has attracted about 192 exhibitors from 27 countries including Australia, Russia and Thailand. Some 21 participating countries are from the Belt and Road Initiative region. The pavilion includes various valuable exhibits such as diamonds, colored stones, amber, jade, pearls, finished jewelry as well as tools and equipment. China Pacific Property Insurance, owned by Shanghai-based China Pacific Insurance, will act as exclusive service provider of warehousing insurance for all jewelry exhibits at the expo.

China Pacific Property Insurance has selected young elites from different fields to form a professional team covering risk control, underwritings, claims, customer services, products, legislature, information technology and other important service sectors and backstage support to better serve CIIE.

Editor: William Clegg

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Keywords:   Financial Institution,Bank,CIIE