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By ExpatBriefing.com Editorial
21 April, 2014
Bank of East Asia has announced that it has become the first foreign bank to provide cross-border electronic renminbi (RMB) services in the Shanghai Pilot Free Trade Zone, and has recently secured approval to conduct personal banking business in the zone.
The Shanghai Office of the China Banking Regulatory Commission granted the personal banking approvals to BEA China's Shanghai FTZ sub-branch, which will enable BEA to focus on expanding its customer base including both domestic and international customers.
BEA China's personal customers can also use the new Electronic RMB Payment Service to pay for goods purchased from overseas through the internet, overseas tuition fees, and flight tickets and hotel reservations in RMB. Meanwhile, BEA China's corporate customers can receive payments for goods in RMB directly, and settle payments in RMB through the bank's Electronic RMB Payment Service channel.
BEA offers customers a range of commercial banking, personal banking, wealth management, and investment services through a network of more than 240 outlets covering Hong Kong and the rest of Greater China, Southeast Asia, the United Kingdom, and United States.
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