Bank of China to en­able pay­ment in yuan on US e-com­merce plat­forms

Iran Daily - - Global Economy -

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, the of­fi­cial Xin­hua news agency re­ported on Sun­day.

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

The branch 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 USA, Xin­hua re­ported, with­out pro­vid­ing fur­ther de­tails.

The sys­tem will ad­here to US anti-money laun­der­ing rules through ar­ti­fi­cial in­tel­li­gence and cy­ber se­cu­rity tech­nolo­gies, Xu added.

Bank of China has run into prob­lems with over­seas anti-money laun­der­ing reg­u­la­tions in the past. In Fe­bru­ary 2017, it agreed to pay a €600,000 ($688,000) fine to set­tle a case in­volv­ing its Mi­lan branch. Pros­e­cu­tors had al­leged more than €4.5 bil­lion was smug­gled to China from Italy be­tween 2006 and 2010.

A unit of fel­low state-owned bank In­dus­trial and Com­mer­cial Bank of China (ICBC) last year set­tled money laun­der­ing charges in the US.

KIM KYUNG-HOON/REUTERS

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