China to facilitate cross-border ecommerce settlement

Friday 3 May 2019 14:33 CET | News

The State Administration of Foreign Exchange (SAFE) in China has issued a guideline to facilitate the settlement for cross-border ecommerce.

According to the guideline, payment institutions are allowed to offer market entities electronic payment services via banks under current accounts, depending on relevant electronic transaction information.

Moreover, they can also provide Chinese residents with foreign exchange services for cross-border shopping, overseas education and tourism.

Banks are required to strengthen audits and supervision over payment agencies foreign exchange services, and may also provide market entities foreign exchange settlement and sale services as well as fund collection and payment services depending on electronic transaction information.

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Keywords: The State Administration of Foreign Exchange, China, guideline, cross-border ecommerce, electronic payment, ecommerce
Countries: World