Banks step on the innovation pedal in FTZs to boost reforms

Banks are experiencing tremendous innovation in terms of business and risk management in free trade zones that are considered test fields for China's economic and financial reforms, executives of Bank of China Ltd said on Thursday.

The country's fourth largest commercial lender by assets has provided its clients with low-cost financing through cross-border financing innovations, offered global cash management solutions to multinational corporations, and improved the efficiency of cross-border payments.

"We made lots of innovations during the process of designing cross-border transactions and reporting onshore foreign currency-denominated transactions to regulators. Having completed the basic procedures, we plan to offer more services such as various types of financing to investors," said Liu Yunfei, deputy general manager of the transaction banking department at Bank of China.