On May 6, Industrial Bank successfully opened multi-functional free trade accounts for many domestic and foreign enterprises in Hainan Free Trade Port and Hengqin Guangdong Macao Deep Cooperation Zone.
On May 6, Industrial Bank successfully opened a multi-functional free trade account for many domestic and foreign enterprises in Hainan Free Trade Port and Hengqin Guangdong Macao Deep Cooperation Zone, and handled deposits under the multi-functional free trade account and "cross-border", "cross-border" capital transfer and other businesses for the above-mentioned enterprises, promoting Hainan Free Trade Port Hengqin Guangdong Macao Deep Cooperation Zone has taken an important step towards the goal of free and convenient cross-border capital flow.
"In the past, we paid a design fee overseas, which took two or three days from the initiation of remittance application to the submission of contract and invoice review. Now it can be completed in a few minutes," said the relevant person in charge of Huafa Architectural Design Company registered in Hengqin Guangdong Macao Deep Cooperation Zone. In the morning of the same day, the company quickly completed the payment to the overseas account through the multi-functional free trade account opened in Industrial Bank.
On April 3 this year, the People's Bank of China issued the Measures for the Administration of Multifunctional Free Trade Account Business in Hainan Free Trade Port and the Measures for the Administration of Multifunctional Free Trade Account Business in Hengqin Guangdong Macao Deep Cooperation Zone, taking the lead in establishing a multi-functional free trade account system, Explore the free inflow and outflow of cross-border funds and promote capital account convertibility, which was officially implemented on May 6.
Multi functional free trade account refers to the domestic and foreign currency integrated account that the banking institutions in the cooperation zone adapt to the needs of high-level trade and investment liberalization and facilitation, and provide cross-border capital settlement, exchange, investment and financing and other related financial services to eligible business entities. The service objects of this account include eligible enterprises in the area, overseas enterprises, overseas individuals, financial institutions, etc. The transfer of funds in this account follows the principle of "first line liberalization, second line cross-border management, cross second line limited penetration of accounts with the same name", and financial account isolation is implemented between the multi-functional free trade account and the existing local and foreign currency accounts, which is the Hainan Free Trade Port The Hengqin Guangdong Macao Deep Cooperation Zone provides the basic conditions for the free flow of cross-border funds overseas.
"The multi-functional free trade account provides a more convenient channel for cross-border capital flow, which can greatly save the cost of capital operation in the cooperation zone for enterprises with cross-border capital flow needs. At the same time, foreign-funded enterprises can more easily communicate with the cooperation zone, increasing the flexibility of foreign investment." The head of the International Business Department of Industrial Bank said, The bank will take the opening of a multi-functional free trade account as an opportunity to provide comprehensive financial services such as local and foreign currency deposits, payment and settlement, investment and financing, exchange rate hedging, etc. for customers in Hainan Free Trade Port, Hengqin Guangdong Macao Deep Cooperation Zone and overseas customers, help RMB internationalization, and serve the country's high-level opening up.
