This is Hainan

Up to now, a total of nearly 3.4 billion yuan in capital revenue and expenditure has taken place through the FT account.   

Since its launch on January 1 this year, there has been five banks opening FT business in Hainan Province, including Bank of China, Pudong Development Bank, ICBC, China Everbright Bank and Xingye Bank. They have handled more than 190 business outlets, covering 16 cities and counties in the province. The work of other banking institutions in Hainan province has progressed smoothly. Five of them have completed various on-line assessments to start the business, which has become an important thrust for Hainan to expand its opening up and connect with the world capital market.

According to statistics, at present, the whole province's financial institutions have opened more than 3,770 FT main accounts, with 13,000 sub-accounts and more than 3,760 account holders, which have covered all types of account-opening holders, including institutions in the region, overseas institutions, peers of financial institutions, individuals within the region, and overseas individuals within the region. Up to now, the whole province's FT accounts second-line have accumulated revenue and expenditure in a total of 1.1 billion yuan, and the total income and expenditure of the FT accounts have reached RMB 2.3 billion. There has been a total of nearly 3.4 billion yuan in capital revenue and expenditure taking place.

At the same time, financial institutions actively have connected domestic and foreign high-quality and cheap financial resources through the sub-accounting checking unit, developed competitive FT account financial products, and provided cost-effective financial services for market subjects on depositing, lending, remitting and exchanging services, such as cross-border investment funds exchange, domestic trade financing and so on. “Every day, more than 60 enterprises handle FT business”, said Yan Xiaohong, general manager of the Trade Finance Department of Bank of China Hainan Branch.

In addition, Hainan province's banking institutions cooperate with overseas branches of their systems through sub-accounting checking units to carry out self-operated businesses, such as financing risk participation and trade financing overseas payment, effectively improving the ability of cross-border financial services of banking institutions in the region. At present, 13 foreign-funded enterprises have opened FT accounts.