Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Banks step on the innovation pedal in FTZs to boost reforms

Banks step on the innovation pedal in FTZs to boost reforms

Banks are experiencing tremendous innovation in terms of business and risk management in free trade zones that are considered test fields for China's economic and financial reforms, executives of Bank of China Ltd said on Thursday.
The country's fourth largest commercial lender by assets has provided its clients with low-cost financing through cross-border financing innovations, offered global cash management solutions to multinational corporations, and improved the efficiency of cross-border payments.

"We made lots of innovations during the process of designing cross-border transactions and reporting onshore foreign currency-denominated transactions to regulators. Having completed the basic procedures, we plan to offer more services such as various types of financing to investors," said Liu Yunfei, deputy general manager of the transaction banking department at Bank of China.

"With the further opening of China's factor and capital markets, we will copy a lot of best practices to other fields of business," she said while talking to the media about the bank's efforts to serve the opening of China's factor markets where companies buy what they need to produce goods and services.

Apart from business innovations, banks are also innovating their mindset and solutions for risk management in free trade zones.

"There is huge room for imagination in terms of how banks could learn from fintech companies and strengthen risk control by using artificial intelligence," Liu said.

Other than traditional risk management, everyday operations of the bank also include detailed anti-money laundering, anti-terrorism and anti-financial crime solutions, she added.

Bank of China has maintained the momentum of its rapid growth in free trade zones. At the end of August, the number of corporate clients of its branches and sub-branches in FTZs increased by 26.43 percent from the end of 2017.

Over the same period, their renminbi deposits, renminbi loans and foreign currency-denominated loans jumped by 38.99 percent, 33.46 percent and 34 percent, respectively.

The bank will continue to support the construction of FTZs by giving full play to its advantages in globalization and through its comprehensive operations, said executive vice-president Lin Jingzhen.

"We will synergize the integrated development of the Yangtze River Delta region with the construction of free trade zones, which we regard as a pivot to serve the region's integration," Lin said.

The bank will promote its experience in the China (Shanghai) Pilot Free Trade Zone to the other FTZs in the region, and will build financial service platforms including global cash management, cross-border investment and financing, and asset management platforms, he added.

China expanded its FTZ pilot program in a move to press ahead with reform and opening-up of the country's economy.

The State Council, China's cabinet, announced on Aug 26 a plan to set up six new FTZs in Shandong, Jiangsu, Hebei, Yunnan and Heilongjiang provinces, and the Guangxi Zhuang autonomous region. This would increase the number of pilot FTZs in the country to 18.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×