Recently, ICBC emerged among competitors and was approved as the first bank in China to handle Korean won cash conversion service. It is reported that ICBC will first commence Korean won cash conversion service in 54 business offices of 11 domestic branches in Beijing, Liaoning, Jilin, Shanghai, Jiangsu, Zhejiang, Hunan, Guangdong, Dalian, Shandong and Qingdao.

As the two important members in East Asian economic region, exchange activities between China and South Korea happen frequently and people's mutual visits increase fast in the aspects of commerce, trade, business, tourism and study abroad. Only in 2004, tourists between the two counties broke through 3.4 million person-times, and China has become the first destination for South Korean tourists traveling abroad. Along with the increase of the number, both RMB in South Korea and Korean Won in China are stagnated in large scale, and there is vigorous demand for Korean Won cash. However, due to limitation by policies, there was no any bank to provide this service in China before this time, and Korean Won conversion was basically made through underground exchange shops. Commencement of Korean Won cash conversion service by ICBC this time will change this situation to a great extent, and will provide economic and trading exchange between the two countries better.

ICBC spokesman said that as the commercial bank with the biggest scale in China, ICBC has extensively identified banking brand, tremendous domestic and foreign integrated operation network, industry-leading financial E-based platform as well as mature personal foreign exchange conversion service system and experiences, all of which provide powerful support for ICBC to carry out Korean Won conversion service. In particular, ICBC has two branches in Seoul and Busan, South Korea with good management performance. The two branches can make linkage with domestic and foreign branches of ICBC to serve customers better.

ICBC spokesman also said that carrying out Korean Won cash conversion service helps to strike black market operation while serving economy and trade between the two countries, and taking Korean Won cash conversion into regulated channel for administration is conducive to the state's currency monitoring, and helpful to maintenance of effectiveness and stability of currency and financial policies and to striking of international "money laundering" activities.