Liangjiang scenario boosts cross-border business efficiency

Since the launch of the logistics financing and settlement application scenario of the New Western Land-Sea Corridor in Liangjiang New Area, Southwest China's Chongqing municipality, the processing time for cross-border related business has been reduced from 1-2 days to less than 10 minutes.

The logistics financing and settlement application scenario was introduced by a cross-border financial services platform constructed by Zhongchao Farex (Chongqing) Technology Co. The platform aims to facilitate cross-border payments and address the financing difficulties faced by small and medium-sized enterprises involved in foreign trade.

Data shows that the application scenario has already served nearly 700 enterprises, facilitating financing and settlements totaling $4.1 billion. Among these, over a thousand export financing transactions were processed, amounting to a total of $2.16 billion, and nearly 24,000 freight payment transactions were processed, totaling $1.75 billion.

Moving forward, Liangjiang will focus on building a financial service system for the New Western Land-Sea Corridor, enhance its financial service capabilities, encourage financial institutions to release cross-border financial products, and promote pilot projects for financial services related to the railway sector.