ICBC Liuzhou Branch Empowers Foreign Trade Enterprises: Electronic Customs Duty Guarantee and Digital Currency Bridge Drive Efficient Cross-border Trade

ICBC Liuzhou Branch Empowers Foreign Trade Enterprises: Electronic Customs Duty Guarantee and Digital Currency Bridge Drive Efficient Cross-border TradeRecently, ICBC Liuzhou Branch successfully handled its first electronic customs duty guarantee transaction for a local enterprise, relying on the "Single Window" customs service platform. This effectively addressed issues like frequent trips to the customs for tax declaration and cargo delays due to untimely tax payments, earning the client's recognition

ICBC Liuzhou Branch Empowers Foreign Trade Enterprises: Electronic Customs Duty Guarantee and Digital Currency Bridge Drive Efficient Cross-border Trade

Recently, ICBC Liuzhou Branch successfully handled its first electronic customs duty guarantee transaction for a local enterprise, relying on the "Single Window" customs service platform. This effectively addressed issues like frequent trips to the customs for tax declaration and cargo delays due to untimely tax payments, earning the client's recognition. This marks another significant move by ICBC Liuzhou Branch in actively exploring product and service innovation, continuously deepening its "Hui Xiao Er" foreign exchange financial services, continuously enhancing cross-border financial service quality, and contributing to the facilitation of trade and supporting the high-quality development of Liuzhou's real economy.

The successful implementation of the electronic customs duty guarantee business signifies that ICBC Liuzhou Branch can provide clients with a one-stop service for "Single Window" customs duty guarantee summary tax declaration guarantees, achieving "one guarantee for local registration and nationwide customs clearance." This not only reduces the operational costs of enterprises frequently going back and forth to customs for tax declaration, effectively enhancing the efficiency of guarantee clearance, but also alleviates the burden on foreign trade companies, promoting trade facilitation and optimizing the business environment at ports.

To facilitate financial support for cross-border trade facilitation and support the stable growth of foreign trade, ICBC Liuzhou Branch actively promotes the "Hui Xiao Er" financial service special campaign, continuously carries out the "Spring Financing Program," adheres to customer-centricity, focuses on solving the "urgent, difficult, and concerning" issues of domestic and foreign trade enterprises, fully leverages the advantages of integrated financial services, and strives to meet the full-process, full-cycle, and all-round financial service needs of clients, helping enterprises enhance their global competitiveness.

In addition to the electronic customs duty guarantee business, ICBC Liuzhou Branch is also keeping pace with the development trend of digital currency, actively exploring the application of digital currency cross-border payments. To meet the requirements of enterprises for the timeliness and security of large-volume cross-border payments, on August 13, the bank successfully implemented the first multilateral central bank digital currency bridge transaction in ICBC Guangxi Branch, effectively meeting the diverse needs of enterprises and reducing their costs.

The digital currency bridge project is a cross-border payment system construction project jointly initiated by the Bank for International Settlements (Hong Kong) Innovation Centre and the monetary authorities of four regions: mainland China, Hong Kong, Thailand, and the United Arab Emirates. The project leverages blockchain and distributed ledger technology, making transactions that occur on the digital currency bridge visible only to participating banks, the relevant authorities of participating banks, and the issuing authorities of the currencies involved in the transactions. Meanwhile, banks on the digital currency bridge engage in direct, peer-to-peer transactions. This innovative financial service model supports multi-currency central bank digital currencies and provides reliable and secure services, significantly enhancing the efficiency of cross-border payments. Moreover, by streamlining intermediate links, it effectively reduces the transaction costs of enterprises, further promoting trade facilitation.

ICBC Liuzhou Branch's active exploration of digital currency cross-border payment applications and the successful implementation of its first multilateral central bank digital currency bridge transaction fully demonstrate the bank's keen insights and innovative application capabilities in financial technology. This move not only provides enterprises with more convenient, efficient, secure, and cost-effective cross-border payment solutions but also will effectively promote the application of digital currency cross-border payments, facilitating trade and economic development.

Moving forward, ICBC Liuzhou Branch will continue to uphold the political and people-oriented nature of financial work, focus on financial needs in areas such as accounts, settlements, financing, remittances, inclusive finance, digital finance, and cash management, actively explore innovation, continuously deepen its "Hui Xiao Er" foreign exchange financial services, enhance cross-border financial service quality, and provide high-quality services for enterprises' "going global" and "bringing in" financial needs, contributing to the support of trade facilitation and the high-quality development of Liuzhou's real economy.

Through a series of innovative measures such as electronic customs duty guarantees and digital currency bridges, ICBC Liuzhou Branch fully leverages its financial service advantages to provide foreign trade enterprises with comprehensive and multi-level financial services, helping them enhance their international competitiveness and contribute to the high-quality development of Liuzhou's economy. This is not only a vivid manifestation of ICBC Liuzhou Branch's service to the real economy but also an important measure of ICBC's active exploration of financial innovation, support for trade facilitation, and service to the national development strategy.