Jiangsu Branch, Bank of Communications recently officially launched the cross-border e-commerce financial comprehensive service system, through which such businesses as filing of cross-border e-commerce merchants, entry of fund into bank account and foreign exchange return declaration could be dealt with.

Employing technology specifically tailored to business, the system adopted an agile development model which contributed to rapid launch of relevant functions. Connecting the system of Jiangsu Branch, Bank of Communications and that of domestic licensed third-party payment institutions, it provided low-cost cross-border payment collection services for export cross-border e-commerce enterprises, especially medium, small and micro export merchants, as part of the move to support new forms of business and help stabilize foreign trade. 

In pushing forward the project, all related parties conducted repeated researches and deliberations over business plans, and regulatory authorities fully recognized the compliance of the overall business. With that, the project finally made it to China (Jiangsu) Pilot FTZ Nanjing area in the form of cross-border RMB.