Xinhua Silk Road: Guilin Bank provides dedicated services to boost China-ASEAN cross-border financial cooperation

BEIJING,Oct. 23, 2024/PRNewswire/ -- Guilin Bank, a local bank situated in southChina'sGuangxi Zhuang Autonomous Region, has been providing dedicated services to boost China-ASEAN cross-border financial cooperation.

OnSeptember 25, the bank launched the National Vietnamese Dong Cash Transfer Center in partnership with the planning and construction management committee of the Wuxiang New Area in Nanning, capital ofGuangxi, at the China-ASEAN Financial Cooperation& Development Conference 2024, aiming to strengthen monetary and financial cooperation betweenChinaandVietnam.

Based on the project,Guilin Bankwill vigorously develop the wholesale business of the Vietnamese dong, and form a regional currency service pattern featuring improved supply network, transfer capability and exchange experience by employing such measures as deepening cooperation with licensed exchange institutions and expanding cross-border cash transfer channels.

Also during the 21st China-ASEAN Expo held fromSeptember 24 to 28,Guilin Bankset up a live-streaming session to promoteGuangxi'scharacteristic products and goods from ASEAN countries.

As of the end of September this year, the online promotions launched by the bank had driven sales of goods by more than 100 enterprises and 310 types of products imported fromVietnam,Malaysia,Thailandand other countries, with the total clicks standing at over 240,000.

AsChinaexpands high-level opening up,Guilin Bankis actively contributing to financial connectivity with ASEAN countries and other countries in theAsia Pacificregion. For example, it has established cooperative relationships with multiple banks in border provinces ofVietnam, as well as financial institutions such asCanadia Bank, Kasikorn Bank,Hong Leong Bank, and Citibank.

In the meantime, the border trade settlement channels for the Dongxing-Móng Cái, Jingxi-Trà Lĩnh, and Pingxiang-Lạng Sơn ports on theChina-Vietnamborder were opened up by the bank, realizing the listing, exchange, and trading of the currencies ofVietnam,Cambodia, andThailandand seven world's most commonly used currencies.

Guilin Bankalso engages in exchanges concerning business networks, capital clearing, anti-money laundering, anti-counterfeit currency, etc. with financial institutions in ASEAN countries.

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SOURCE Xinhua Silk Road