Currently, the global economic and trade landscape is undergoing rapid adjustments, and the intensified exchange rate fluctuations pose challenges to the sound operations of foreign trade companies.
Qilu Bank actively implements the concept of “local currency first”, solidly promotes the construction of a cross-border RMB business service system, and effectively plays the positive role of cross-border RMB in serving the real economy.
Policy precision drip irrigation to get through the “last mile” of implementation
Driven by the wave of global economic integration, cross-border financial activities are booming at an unprecedented speed.
The RMB’s status as an international currency has become increasingly prominent and it has become the protagonist of the global economic stage.
A company mainly engaged in crude oil procurement and subsequent processing and sales has a need for cross-border foreign exchange payment in the crude oil import process.
Because there is a service jam in the main settlement bank, the company intends to change the settlement bank, but at the same time it is worried that changing the settlement bank will affect the efficiency of the existing business.
Under the anxiety of “looking forward and looking forward”, Qilu Bank extended an “olive branch” to it with its cross-border RMB settlement facilitation plan for high-quality enterprises.
In order to implement the facilitation policy for cross-border RMB settlement of high-quality enterprises, Qilu Bank has established a high-quality enterprise management mechanism with “standard access and dynamic adjustments”. In accordance with the requirements of the facilitation plan for cross-border RMB settlement of high-quality enterprises, the enterprise will be included in the list of high-quality enterprises and enjoy the facilitated accounting policy.
By submitting electronic collection and payment instructions, you can directly handle cross-border RMB settlement of goods trade and service trade without having to submit authenticity certification materials in advance and transaction by transaction. This will lay the foundation for subsequent deepening of cooperation with the enterprise and similar enterprises, allowing policy dividends to move from “paper” to “book”, truly realizing “more data and less errands for enterprises.”
At the same time, Qilu Bank actively plays the role of the main front for policy propaganda, adheres to the dual mechanism of “one-on-one, face-to-face” policy propaganda, visits key enterprises door to door, “checks the pulse” of enterprises, identifies difficulties and clears blockages, and develops exclusive plans based on the actual needs of enterprises, quickly responds to market changes and customer needs, and achieves a closed-loop service of “policy interpretation to business implementation” to ensure accurate and direct delivery of policy dividends.
Focus on “three key points” to create a new benchmark for cross-border financial services
Focusing on the “key enterprises, key areas and key regions” of cross-border RMB business, Qilu Bank actively promotes the advantages of local currency settlement for enterprises with foreign-related receipts and payments, and enhances enterprises’ awareness of cross-border RMB settlement.
A leading domestic enterprise in the electroacoustic industry has long faced the dilemma of having a single cross-border settlement currency and high exchange rate risk exposure. Qilu Bank implemented precise policies to help the enterprise sort out its global counterparties, and successfully guided its and Hong Kong customers to convert the settlement currency from US dollars to RMB. This not only activated the cross-border RMB “first account” of the enterprise and its industrial chain affiliates, but also helped the enterprise to effectively avoid exchange rate risks.
Qilu Bank promotes enterprises to convert settlement currencies by analyzing customer business models and remittance paths.
For a state-owned commodity trading enterprise, the difficulty and cost of managing foreign exchange risk exposure have increased significantly due to exchange rate fluctuations. Qilu Bank customized a cross-border RMB “settlement + financing” integrated solution for the enterprise to avoid the risk of exchange rate fluctuations from the source and reduce exchange costs. It helped customers solve practical problems with its comprehensive and efficient services and won the trust of customers.
At the same time, Qilu Bank focuses on promoting high-quality joint construction of the “Belt and Road”. Its business covers 38 countries including Indonesia, South Korea, and Malaysia. It has handled nearly 1,700 cross-border RMB receipts and payments, and served more than 20 “going global” shipbuilding, engineering contracting, and equipment manufacturing projects. This year, it has achieved more than 80% of the total “three key” cross-border RMB business receipts and payments, injecting strong momentum for foreign trade companies to expand international markets.
Digital financial empowerment reshapes new experience of cross-border settlement services
The technical support of Qilu Bank’s digital finance is indispensable behind enabling more and more enterprises to “voyage lightly” through cross-border RMB business.
Faced with the core demands of enterprises for “safety, convenience and efficiency”, Qilu Bank continues to upgrade and iterate the “Qiluquan e-da” online cross-border financial product system, creating digital services with “full channel coverage, fully integrated functions, and fully online processes”. It is the first to launch cross-border RMB settlement and financing functions on corporate online banking, mobile banking, bank-enterprise home, single window, and market procurement platforms, breaking distance barriers and achieving “easy processing on the palm of your hand.”
In response to the business model of a physical manufacturing enterprise of “receiving deposits in advance, purchasing first and delivering later” and its requirements for the timeliness of fund arrival, Qilu Bank guided the enterprise to implement the entire process of cross-border RMB business online through “Corporate Online Banking/Mobile Banking”. The average account period was greatly shortened, and “same-day collection, same-day payment, and zero occupancy” were achieved and direct credit was entered into the account in seconds, which greatly improved the company’s capital management efficiency and market competitiveness.
By comprehensively using the SWIFT financial communication network and the CIPS payment and settlement system to ensure the timeliness of corporate foreign exchange collection and payment, reduce corporate settlement costs, and make cross-border RMB capital flows as accessible as “spring water”, Qilu Bank continues to optimize customer services through the “Qilu Quan eDa” online financial service platform, increasing the online rate by 14 percentage points, and significantly improving the competitiveness of digital services.
In the future, Qilu Bank will continue to optimize cross-border RMB financial services, actively explore product model innovation, provide more foreign trade companies with efficient, convenient and safe local currency settlement solutions, and demonstrate its financial responsibility in empowering the development of the real foreign trade economy.
