To quickly meet such cross-border remittance demand as onshore & offshore procurement and medical supplies donation, Industrial and Commercial Bank of China takes into full play its advantages on global payment to set up a green channel for cross-border remittance, providing professional and efficient services on cross-border remittance and fund transfer in the fight against the novel coronavirus-related pneumonia.
Global payment is a bank business with a long process chain, covering cross-border remittance, currency exchange, supervision and compliance approval, management on position liquidation, and so on. To cope with the challenges on liquidation during public holidays, large-sum funds, purchasing of minor currencies, cross-border remittance, etc., in the face of the unexpected novel coronavirus outbreak, ICBC, under the guidance of the People's Bank of China (PBOC), China Banking and Insurance Regulatory Commission (CBIRC), the State Administration of Foreign Exchange (SAFE), and customs ports departments, rapidly initiated contingency plan to quickly established a cross-border payment green channel ranging from grassroots to the head office, from individuals to corporations, and from China to the rest of the world. Based on its local and foreign currency payment and clearing network covering over 150 countries in 6 continents, the bank is wasting no time in completing funds payment, and ensuring the supply of medical materials in place, thus making its own contributions in stopping the spread of the deadly virus.
Among all the measures, ICBC, by providing online cross-border financial services, such as Corporate Internet Banking, Mobile Banking, Single Window, Bank-enterprise Interlink, enables customers to tackle cross-border business without going out, therefore efficiently cutting the flow of people, and consequently the risks of infection. On January 27, the bank finished a RMB10 million cross-border remittance in Japanese Yen, South-Korean Won and US dollar in just one hour, and assisted multiple Chinese pharmaceuticals in importing medical supplies.
In Japan and South Korea, ICBC, targeting at funds for procuring medical supplies, applies “highlighted focus, specialized tackling, full-process monitoring” starting from receiving customers’ payment requirement to verifying funds allocation, and to approving foreign exchange policy, in order to keep in 10 minutes the transferal of each payment. In Singapore, the bank, backing by its strong RMB payment channel, spares no effort in guaranteeing the efficiency of the financial services related to epidemic prevention and control, to offer special appointment and special financial services in this special period.