Ningbo launches cross-border settlement platform

A technology platform for cross-border supply chain management and settlement is launched in Ningbo Free Trade Zone on Jan 10. [Photo/zj.zjol.com]

A technology platform for cross-border supply chain management and settlement was launched in Ningbo Free Trade Zone on Jan 10 to facilitate the city's cross-border trade. 

The platform is based in the Ningbo Free Trade Zone Cross-border Supply Chain Management and Settlement Technology Co, a digital financial service provider established by the zone's administrative committee in September.

It aims to integrate crossover resources and innovate in service provision by taking advantage of the latest technologies of big data, cloud computing and blockchain, to provide digital financing solutions for cross-border trade. 

It will address the basic financing needs of small and medium-sized enterprises first, with Yiqi Financing, a matchmaking system for such enterprises to secure financing immediately from financial institutions, which was also launched that day. 

Solbar Ningbo Protein Technology Co and Ningbo Yichem Chemicals Co, two export companies registered in the zone, obtained $120,000 and $50,000 of funds from the Bank of Ningbo via the platform within half an hour at the launch ceremony. 

In addition, the zone's administrative committee and its Cross-border Supply Chain Management and Settlement Technology Co signed an agreement respectively with ChinaPay, an online payment service provider, to jointly provide efficient and economical settlement services for companies on the platform.

The administrative committee of Ningbo Free Trade Zone signs an agreement with ChinaPay at the launch ceremony. [Photo/zj.zjol.com]