As a core support enterprise for the China International Import Expo (CIIE), Bank of Communications (BOCOM) is committed to enhancing its cross-border financial services and introducing innovative digital solutions that connect China to global markets.

Leveraging fintech, BOCOM has delivered high-quality, one-stop financial support to maximize CIIE's global impact.

At the 6th CIIE, BOCOM showcased its digital finance innovations, launching a cross-border financial services solution and a comprehensive financial service platform for cross-border e-commerce, while also unveiling its new digital ecosystem solutions.

In the CIIE's Innovation Incubation Special Section, BOCOM presented a range of digital solutions, including the latest versions of its corporate online banking, mobile banking, open banking, and mini-program services. BOCOM's efforts have already shown measurable impact, with digital capital projects experiencing a 130 percent increase in transaction value in the first half of 2024.

BOCOM also used the CIIE to promote its green finance initiatives. In an interactive approach, BOCOM set up a recycling bin at its booth, allowing attendees to earn digital yuan by recycling plastic bottles — encouraging public engagement in green development.

In addition to running its own booth, BOCOM has actively participated in the Hongqiao International Economic Forum (HQF) and other CIIE events, sharing insights into topics like sustainable investment, high-quality trade growth, and trade facilitation. It hosted the member session on shipping finance at the forum, inviting government and industry experts to explore sustainable, low-carbon, and digital advancements in shipping finance, aiming to foster collaborative solutions in the industry for China.

Supporting tech enterprises is another focus for BOCOM. At a member session on sci-tech finance of HQF, BOCOM introduced its "BOCOM Sci-Tech" brand to provide tailored financial services for tech companies throughout their development. In collaboration with several tech investment firms, BOCOM launched a new fund of funds focused on innovative Shanghai-based companies, as well as four sub-funds targeting industries such as integrated circuits, advanced manufacturing, photonic chips, and commercial space exploration.

BOCOM's role as a CIIE supporter goes beyond finance: it has deepened its partnership with exhibitors, ensuring seamless and effective support. For instance, when a subsidiary of a CIIE exhibitor required urgent foreign exchange registration to facilitate its import payments, BOCOM provided expert guidance throughout the process, helping the company meet its needs swiftly.

Just ahead of the 7th CIIE that will take place from Nov 5 to 10, BOCOM processed a cross-border RMB settlement for one of CIIE's core support companies and its designated insurance service provider using the Multi-CBDC (Central Bank Digital Currency) Bridge. By leveraging the advanced technology of the digital currency bridge, BOCOM enabled rapid clearing, reducing both delays and high fees typically associated with traditional cross-border payments.

Looking ahead to this year's expo, BOCOM will once again offer comprehensive financial services that facilitate seamless transactions and partnerships, maximizing the CIIE's impact and contributing to China's economic growth and the broader global economy.

Bank of Communications participates in the 6th CIIE. [Photo/Bank of Communications]

Bank of Communications attends the 5th CIIE. [Photo/Bank of Communications]

By Zhao Guangmei