Xin Lang Cai Jing·2025-06-11 06:56Core Viewpoint - The successful implementation of cross-border foreign exchange payment services for insurance institutions marks a significant breakthrough in the financial sector under the high-level opening pilot policy, contributing to Shanghai's goal of becoming a world-class reinsurance center [1][2] Group 1: Business Impact - Bank of China Shanghai Branch facilitated cross-border payment services for China COSCO Shipping Property Insurance Co., Ltd. and China Export & Credit Insurance Corporation Shanghai Branch, enhancing operational efficiency in foreign exchange transactions [1] - The pilot program allows for streamlined processes, reducing the need for cumbersome documentation such as contracts and invoices, thus improving payment efficiency for insurance claims and reinsurance transactions [1] Group 2: Future Directions - The Bank of China Shanghai Branch plans to continue collaborating with the State Administration of Foreign Exchange Shanghai Branch to deepen reforms and explore new paths for payment facilitation, process simplification, and data collaboration [2] - The focus will be on creating a more efficient and secure cross-border settlement system, contributing to the development of Shanghai as an international financial center [2]