Under the guidance of the Institute of Digital Money of the People’s Bank of China, Industrial Bank has recently successfully landed China’s first E-CNY “two countries, twin parks” cross-border payment business, helping China’s finance a higher level of openness.
China-Indonesian “Two Countries, Twin Parks” are respectively based on the Yuanhong Investment Zone in Fuzhou, Fujian Province, and the Bintan Industrial Park in Indonesia as the carriers to explore the establishment of a two-park pairing cooperation mechanism featuring industrial interconnection, facility interoperability and policy reciprocity. At the beginning of March this year, Industrial Bank learned that a company located in the China-Indonesian “Two Countries, Twin Parks” intended to pay for seafood to a seafood export trading company in Indonesia. Therefore, the Bank responded quickly and immediately linked up the three branches under its jurisdiction in Fuzhou, Guangzhou and Hong Kong to provide E-CNY cross-border settlement services, thus enabling the Chinese company to pay the Indonesian company through its corporate digital wallet.
E-CNY cross-border settlement has advantages such as preferential rates and real-time payment, which is not only conducive to reducing the cost of cross-border payment for enterprises and improving the efficiency of settlement, but also helps to broaden the cross-border fund clearing channels and contributes to the internationalization of RMB.
As the designated operator of E-CNY, Industrial Bank has continued to improve its E-CNY cross-border financial services, being the first in the industry to support compatriots from Chinese Hong Kong, Macao and Taiwan to open and use digital wallets in the pilot areas and issue the first cross-strait fusion E-CNY bond in the country. It has gradually improved its ecological chain of applications for businessmen and compatriots from Chinese Taiwan, such as exchange of NT dollars for digital currency, payment of wages in digital currency and payment of property bills in digital currency, and continued to upgrade the payment services for non-residents coming to China. Since the launch of the Digital Wallet, Industrial Bank has successively launched functions such as digital RMB issuance, loaning, acquiring, payment, smart contract, umbrella-type wallet, etc., and continued to expand the E-CNY ecosystem. By the end of February this year, the Bank has opened a total of 5.88 million digital wallets.