WNAM REPORT: Guilin Bank, a local bank situated in south China’s Guangxi Zhuang Autonomous Region, has been providing dedicated services to boost China-ASEAN cross-border financial cooperation.
On September 25, the bank launched the National Vietnamese Dong Cash Transfer Center in partnership with the planning and construction management committee of the Wuxiang New Area in Nanning, capital of Guangxi, at the China-ASEAN Financial Cooperation & Development Conference 2024, aiming to strengthen monetary and financial cooperation between China and Vietnam.
Based on the project, Guilin Bank will vigorously develop the wholesale business of the Vietnamese dong, and form a regional currency service pattern featuring improved supply network, transfer capability and exchange experience by employing such measures as deepening cooperation with licensed exchange institutions and expanding cross-border cash transfer channels.
Also during the 21st China-ASEAN Expo held from September 24 to 28, Guilin Bank set up a live-streaming session to promote Guangxi’s characteristic products and goods from ASEAN countries.
As of the end of September this year, the online promotions launched by the bank had driven sales of goods by more than 100 enterprises and 310 types of products imported from Vietnam, Malaysia, Thailand and other countries, with the total clicks standing at over 240,000.
As China expands high-level opening up, Guilin Bank is actively contributing to financial connectivity with ASEAN countries and other countries in the Asia Pacific region. For example, it has established cooperative relationships with multiple banks in border provinces of Vietnam, as well as financial institutions such as Canadia Bank, Kasikorn Bank, Hong Leong Bank, and Citibank.
In the meantime, the border trade settlement channels for the Dongxing-Móng Cái, Jingxi-Trà Lĩnh, and Pingxiang-Lạng Sơn ports on the China-Vietnam border were opened up by the bank, realizing the listing, exchange, and trading of the currencies of Vietnam, Cambodia, and Thailand and seven world’s most commonly used currencies.
