Chi­nese e-com­merce sites in US can take yuan

Shanghai Daily - - FRONT PAGE -

Bank of China’s New York branch will en­able Chi­nese firms to re­ceive pay­ment in yuan rather than dol­lars from their sales on US e-com­merce plat­forms this year.

Pledg­ing to in­tro­duce more ser­vices for small and medium-sized en­ter­prises en­gaged in cross-bor­der trade be­tween the United States and China, the branch said pay­ment in yuan would be pos­si­ble by tap­ping new func­tions of e-MPay, a cross-bor­der sys­tem it launched in 2016.

It is de­vel­op­ing a sys­tem us­ing an ex­ist­ing plat­form to “fa­cil­i­tate trade fi­nance for e-com­merce play­ers,” said Xu Chen, pres­i­dent and chief ex­ec­u­tive of­fi­cer of Bank of China US.

The sys­tem will meet US anti-money laun­der­ing rules through ar­ti­fi­cial in­tel­li­gence and cy­ber se­cu­rity. He gave no de­tails. Bank of China has run into prob­lems with over­seas anti-money laun­der­ing laws in the past. In 2017, it agreed to pay a 600,000 euro (US$688,000) fine to set­tle a case in­volv­ing its Mi­lan branch.


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