ICBC opened International Trade Processing Center (Hefei) and International Trade Processing Center (Chengdu) on Dec 8 and 10 respectively in Anhui's Hefei and Sichuan's Chengdu. The opening of the two centers marks the beginning of ICBC's intensive management in international settlement and trade finance, a significant improvement in service efficiency and standard of ICBC in these two areas and strong support to the prosperity of Chinese import-export enterprises.
Under the uniform management of ICBC International Trade Processing Center, Hefei Center and Chengdu Center serve as backup for each other during disaster. Should a sudden event occur and when it does, work allocation, data migration and switch-over will be performed between the branch centers and Head Office center in a timely fashion to ensure the normal running of business.
Meanwhile, the two Centers will respectively provide centralized processing services to ICBC branches along the eastern and southern coast of China, ICBC branches in Midwest and North China, serving their corporate clients. Hefei Trade Processing Center Chengdu Trade Processing Center and Head Office Trade Processing Center, are together providing back-office services to all domestic and overseas ICBC branches in international settlement and trade finance.
Currently, trade processing center is a common operating model among the world-leading banks for trade services. The concept is to use advanced computer technology and image transmission technology to centralize the international settlement and trade finance transactions in all the subsidiaries worldwide to the trade processing center. The objective is to increase working efficiency, reduce running cost, control operational risk and standardize the steps.
In 2006, ICBC set up the international trade processing center by referencing the management model and philosophy of the world-leading banks. Optimization and restructuring were carried out on the conventional business method in international settlement and trade finance. Systems, data and professional staffs in the trade processing center hold the key to achieving efficiency, standard services and centralized risk control backed by the unified worldwide business processing platform.
The center is uniquely positioned to maintain the momentum, progress and innovation in different business areas of international settlement, trade finance, cross-border RMB trade settlement, agency and outsourcing services. With the opening of Hefei Center and Chengdu Center, ICBC's trade processing center system has consolidated the trade services from 56 ICBC branches (31 domestic branches and 25 overseas subsidiaries), representing the highest degree of intensive operation of commercial bank in international business among the domestic peers.
In January-October period this year, data shows that ICBC's trade processing center system has processed nearly 120,000 trade transactions, a growth of 23% from a year earlier. Amount involved has grown by 70% over the previous year to more than USD 80 billion.
ICBC trade processing centers are a collection of professionals with expertise in international settlement and trade finance, said an executive with ICBC. All of them are experienced to offer tailored solutions and professional advice to customers on financial and trade services. It is worthy of note that the trade processing centers extend ICBC's advanced technology to overseas, a boost to the sharing of mature concepts and products of China and foreign countries, and joint development of business areas.
As a result, many "Go Global" Chinese enterprises can enjoy the same domestic trade processing services in overseas areas and reduce business risks due to cultural difference, technology difference among the countries. ICBC trade processing centers have special Overseas Services Department staffed with enough professional staffs to serve the overseas subsidiaries.
The centers deliver 24-hour non-stop, highly efficient, best-quality and safe services to cater for customers specifically in different time zones.
The ICBC official said, internationalization is a strategic plan of ICBC. The bank takes various measures to improve international services. That includes the set up of an advanced intensive business processing method, expanding the network of global settlement and correspondent banks and extending international product range.
Meanwhile, trade processing centers offer highly efficient and professional back-office support for the marketing and promotion of ICBC's international settlement and trade finance businesses. There is a substantial improvement in the core competence and market share of ICBC's international business as a result, paving the way for ICBC to become the largest bank in the country providing financial and trade services.
ICBC won numerous awards in recent years, namely, "Best Trade Finance Bank in China", "Emerging Bank of Trade Finance in China", "Global Export Factor Growth Award". In November this year, ICBC was the only bank in the country to receive two awards for "Best Cross-Border RMB Trade Settlement Bank in China" and "The Most Preferred Brand of Cross-Border RMB Trade Settlement Services in China".
