Shanxi Cross -border Financial Services Platform: Resolving the financing problem of small and medium -sized foreign trade enterprises

Shanxi Economic Daily reporter Ma Yongliang

Shanxi Xinhe Industrial Corporation is a group company that integrates fitness equipment production and sales, intelligent equipment design research and development, Zhongchuang Space operation incubation equal to the integration, and about 80%of products are exported to the United States, Japan, and the United Kingdom. Under the influence of the epidemic, the number of homes at home has increased significantly, and the demand for fitness equipment is strong. However, due to the serious and unscrupulous logistics and delay in delivery, it has difficulty returning corporate funds, urgently required funding support, and the financing demand is very strong.

Not long ago, the Shanxi Branch of the Foreign Exchange Bureau actively guided the CITIC Bank Taiyuan Branch. According to the specific characteristics of the development of this company, the cross -border financial service platform was used to handle the US $ 1.76 million and US $ 637,000 export receivables. Financing lending meets the financing needs of enterprises. It took only more than 20 minutes for the loan process.

In order to efficiently serve the real economy and actively promote SMEs to solve financing difficulties, expensive financing, and slow financing, the State Administration of Foreign Exchange expanded the scope of the piloting of cross -border financial service platforms in October 2019. Our province has become the first batch of pilot provinces.

In recent years, the Shanxi Branch of the Foreign Exchange Bureau has continued to increase the promotion of cross -border financial service platforms, and uses scientific and technological means to establish information sharing and verification mechanisms between government and banks and enterprises to further optimize foreign exchange services, effectively alleviate the trade financing and foreign exchange facilitation of SMEs. The pain points, difficulties, and blocking problems in policies and other aspects have achieved significant results in promoting cross -border trade and convenient investment and financing.

Small and medium -sized foreign trade enterprises are small in size, small funds, and lack of pledges. Under the traditional trade financing model, there are more information and long business processes to handle trade financing. The cross -border financial service platform uses blockchain technology, integrates regulatory data such as foreign exchange, customs, taxes and other industries such as export credit insurance, breaks the "data barriers" and "information islands", and establishes data sharing verification mechanisms. Banks can verify declaration orders, credit insurance policies, etc., to check whether the pledged objects are real and repeatedly used to achieve the full process of trade financing and full information on the chain service. In the case of full verification and sharing information, banks have more favorable loan interest rates on high -quality foreign trade enterprises, and the financing costs of SMEs are greatly reduced.

According to the relevant person in charge of the Shanxi Provincial Branch of the Foreign Exchange Bureau, the trade financing verification function provided by the cross -border financial service platform has fast efficiency and high credibility. The success rate and efficiency of financing have improved the enthusiasm of banks to apply for financing.

At present, the China Bank's supply chain financing system and the foreign exchange bureau cross -border financial service platform has realized direct connection. After the direct connection, the efficiency of the financing business of cross -border financial service platforms has been further improved.

As of the end of May, the banks have handled 816 trade financing through cross -border financial service platforms, serving more than 80 companies, and cumulative financing of US $ 2.286 billion; the average financing interest rate was reduced to 3.6%, which was 0.5 percentage points year -on -year; Shorten 2-3 days to half an hour; the submitted materials are simplified from dozens of pages to zero written materials.

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