About IB

Industrial Bank Provides Financial Services for Going Abroad in a “Multi-horse Drawn Cart” Pattern, with Prominent Competitive Edges

After marching into the area of financial services for going abroad with bold movements in 2014, Industrial Bank (IB) has established its differentiated competitive edges in the market quickly with “Universal Life” one-stop financial services for going abroad including “Suixingyou” (Interest-guided Tour), integrated financial services for study abroad and drop-off visa service. Recently, IB won the prize of “Competitive Bank for Outstanding Financial Services for Going Abroad” at the “6th Appraisal of Competitive Financial Institutions 2014” sponsored by China Business Journal.

Financial services for going abroad are an important strategic measure that IB has taken to accelerate its transformation in retail banking. In recent years, though a number of banks released financial services for going abroad, the “Universal Life” financial services in a “multi-horse drawn cart” pattern offered by IB as a up-and-coming player are refreshing to customers with its characteristic products and services.

The “first horse” serving as the pioneer is “Suixingyou” – the financial service program of personal travel loan first launched by IB across China in May 2013. With personal travel loan as its core product, “Suixingyou” requires neither mortgage nor guarantee and offers a loan up to RMB 300,000, with the examination and approval result known in as short as 3 days. The “quick loan” initiated a model of travel financial service at home. As learnt by the reporter from IB Retail Banking Headquarters, “Suixingyou” has granted personal travel loans more than RMB 13 billion by the end of November 2014.

Under the drive of the success of “Suixingyou”, IB, by grasping the epoch-making opportunities brought by growing demands of overseas travel, study abroad, emigration and property, gave a brand-new extension to the financial service program of personal travel loan in 2014, enriched its services, and integrated a range of products and services including loan, credit card, foreign exchange, and drop-off visa service to launch the “Universal Life” financial services for going abroad, thus meeting the go-abroad financial needs of personal customers in a broad range of areas including travel, study abroad, health and medical care, emigration, etc.

The integrated financial service for study abroad in the package could be regarded as IB’s “second horse” for financial services for going abroad. The personal loan for study abroad requiring no mortgage is the core product of IB's integrated financial service for study abroad. Its offering is surprisingly fast – examination and approval can be completed within as fast as 3 days, and the loan amount can reach up to RMB 1 million. According to the introduction of General Manager of the Retail Credit Department of IB, by the end of November, the bank has granted loans for study abroad nearly RMB 300 million, and accepted a total of 126,965 transactions regarding foreign exchange settlement and sale. As noticed by the reporter, one merit added to the financial service for study abroad offered by IB is that the bank became a special standing director member of Committee on Self-funded Study Abroad Service under the China Education Association for International Exchange (CEAIE) in May 2014 and is the only financial institution therein.

Furthermore, the convenient and fast drop-off visa service becomes IB’s “third horse” for financial services for going abroad. As the only bank partner designated for drop-off service of personal visa by China International Travel Service Limited Head Office, IB provides drop-off service of personal travel visa in 27 countries and regions around the five continents in the world, covering the hot travel destinations around the globe by and large. More than 1,300 business outlets around China can offer the drop-off visa service, and a visa may be issued in as short as 3 workdays. As a result, the bank enjoys the reputation of “visa service center at the doorway”. With a short period of 7 months from the initiation of the service in May 2014 to the end of November, the bank has had nearly 80,000 visas issued in total, with a visa issuance ratio reaching 99.9%.

Cross-border remittance is an important link of financial services for going abroad, and IB relieves such worries of customers with its services. By establishing partnership with National Australia Bank, Bank of New Zealand, and Bank of Montreal of Canada, IB provides customers with attestation service for opening overseas accounts. With the service, students studying abroad may open accounts of branches of the above three overseas banks at any outlet of IB, so as to facilitate the payment of tuition fees and cross-border remittance. In the meantime, the bank has developed the product “MoneyGram”, a global express remittance service which is devoted to improving the service capability for overseas remittance between individual customers. With more than 256,000 agency outlets around the globe, the service features a low cost. Once the transaction of remittance is completed, the funds transferred can be received 10 minutes later. In addition, the special debit card for financial services for going abroad offered by the bank enjoys a range of preferential treatments such as reduction/exemption of handling charges for overseas cash withdrawal and remittance, pickup at/to overseas airports, and global car rental.

Relying on its own advantages in greater retail banking, far-reaching global service network and rich experience in international business, the person-in-charge of the Retail Banking Headquarters of IB said, IB would further adapt to the tendency of “market-oriented, networked, and customized” retail finance and help more Chinese citizens to fulfill the dreams of going abroad easily by offering easier, more considerate and professional one-stop cross-border financial services.