July 17, 2019

FTZ launches forex admin platform

The fourth version of the Implementation Details of the Shanghai Free Trade Zone Foreign Exchange Management Reform Pilot was carried out and an online foreign exchange administration platform was launched yesterday.

The platform allows enterprises in the FTZ to finish the registration of trading enterprises with foreign exchange income and expenditure by submitting information online without going to bank outlets.

Under the guidance of Bank of China Shanghai Branch, Shanghai Shengchang International Trading Co Ltd became the first company to register on the platform.

The Implementation Details was issued by the Shanghai Branch of Star Administration of Foreign Exchange (SAFE) to promote innovation in four aspects namely streamlining government and delegating authorities, trade and investment facilitation, the development of the headquarters economy and offshore financial services.