MasterCard becomes payment tech provider for Shanghai Free Trade Zone

The Cross-Border Commodities Financial Services Platform is provided by COMMIN, ValuePay and MasterCard, supported by Mastercard’s banking partners including DBS Bank, CIMB Bank and Bank of Shanghai, interested in participating in the pilot test of the platform.

The Cross-Border Commodities Financial Services Platform is designed to bring greater transparency and accountability to the trade process. It provides authorities and stakeholders with deep and detailed visibility of the full trade cycle, including the payment of duties and subsequent transactions

The platform is designed to bring about savings in terms of time and cost to all parties involved in the eco-system. In contrast with the existing system which involves heavy administration and is very labor-intensive, the new platform will enable an efficient and convenient trading environment for all parties.

It will also bring about deeper connectivity and a higher security for the various parties and stakeholders in the SFTZ. This in turn will enhance collaboration and coordination within the SFTZ, connecting banks, regulatory bodies, bonded warehouses, merchants and businesses through one platform.

The platform will also serve as a means to authenticate the credibility of merchants and traders, opening up opportunities for more banks around the world to be a part of SFTZ’s trade financing and encouraging an increased volume of cross-border transactions.