Zhong Guo Jin Rong Xin Xi Wang·2025-06-09 13:19Core Insights - The State Administration of Foreign Exchange (SAFE) in Shanghai has launched a new offshore international trade business background verification application to ease the authenticity verification challenges in offshore trade [1] - The application was piloted on June 9, allowing Agricultural Bank of China (ABC) Shanghai Branch to conduct authenticity verification for multiple trading companies in the Lingang New Area [1] - The new application integrates various verification data from customs, international transport, and port operations to provide banks with document verification and risk prevention services [1] Group 1 - The new offshore international trade business background verification application aims to facilitate offshore trade transactions and alleviate the difficulties faced by banks in their operations [1] - The application connects with the Shanghai Free Trade Zone's "Offshore Link" platform, enhancing the verification process through data sharing [1] - The initiative is part of a broader effort to promote high-level openness and convenience in cross-border trade, leveraging technology and data [1] Group 2 - ABC Shanghai Branch has actively utilized the cross-border financial service platform to optimize its services and enhance risk management capabilities [2] - The bank plans to continue leveraging the growing applications and functionalities of the cross-border financial service platform to support enterprises in exploring new offshore business models [2] - This initiative contributes to the high-quality development of Shanghai's foreign-related economy and strengthens China's ability to manage global trade resources [2]