Shanghai FTZ launches offshore trading service platform
The China (Shanghai) Pilot Free Trade Zone in East China's Shanghai launched an offshore trading service platform called "Offshore Link" on Oct 14 in Waigaoqiao Bonded Area.
The platform is able to gather and integrate data from overseas ports, customs authorities, as well as shipping companies. It is expected to help banks verify the authenticity of companies' offshore trading activities.
To date, the platform has gained data from 17 countries' customs authorities, as well as nearly 60 percent of global ports and shipping companies. In addition to Pudong New Area, it will serve more regions like the the Yangtze River Delta region in the future.
According to Wang Jinwen, deputy director of the transaction banking department at the Bank of China, the platform can make it easier for companies to conduct offshore businesses, as well as help banks build and improve its risk management models.
A director of Sony Electronics Operations China said that companies can make full use of their overseas stocks and stabilize their supply chain with the platform.
The latest data showed that companies in the bonded areas of the Shanghai FTZ are responsible for more than 90 percent of the city's total offshore business.
