Core Viewpoint - The new offshore international trade model separates the flow of orders, goods, and funds, posing challenges for banks in verifying the authenticity of such trades. A pilot program for a cross-border financial service platform has been launched in Pudong to address these challenges [1][2]. Group 1: Pilot Program Implementation - The pilot program involves 21 domestic and foreign banks and aims to integrate various data sources to support the verification of offshore trade transactions [1]. - The "Offshore Pass" will connect with the cross-border financial service platform to streamline the verification process, utilizing customs data, shipping data, and other relevant information [1][2]. Group 2: Innovations and Benefits - The pilot program introduces innovations in intelligent verification, allowing banks to cross-check logistics documents from multiple data sources, generating authenticity verification reports automatically [2]. - The program significantly reduces the time required for document verification from 1-2 days to under 30 minutes, facilitating faster cross-border settlements for businesses [2]. Group 3: Industry Growth and Impact - The new offshore international trade sector is developing steadily, with approximately 350 companies operating in the bonded area, contributing to a 61% year-on-year growth in trade settlement volume for 2024 [2]. - The new model accounts for over 60% of the total trade volume in the city, indicating a robust growth trajectory for offshore international trade [2].

Group 1 - The State Administration of Foreign Exchange (SAFE) has launched a pilot program for a new offshore international trade background verification application in Shanghai, aimed at enhancing the efficiency and compliance of offshore trade financing services [1] - The new verification system integrates order flow, goods flow, and capital flow information, providing banks with a secure and efficient data technology support for verifying the authenticity of offshore trade [1] - Traditional offshore trade faced challenges such as lengthy bank verification processes and risks of duplicate financing and false trade, which the new system aims to address through intelligent verification and risk warning mechanisms [1][2] Group 2 - Twenty-one domestic and foreign banks in Shanghai are participating in the pilot program, with Bank of China Shanghai completing business background verifications online, reducing the verification process from 1-2 days to under 30 minutes [2] - The cross-border financial service platform effectively resolves industry pain points related to document traceability and slow bank verification, enhancing foreign exchange compliance management [2] - In recent years, SAFE has encouraged legitimate offshore trade, with significant policy support leading to a 69.2% year-on-year increase in offshore trade business in Shanghai, reaching nearly 100 billion USD in 2024 [3]

Core Viewpoint - The pilot program for the "Cross-Border Financial Services Platform New Offshore International Trade Business Background Verification Application Scenario" was launched in Shanghai, involving 21 domestic and foreign banks, aiming to enhance the verification of trade information through deep data integration [1][2]. Group 1: Pilot Program Implementation - The pilot program allows banks to conduct business operations entirely online, significantly reducing the verification process from 1-2 working days to under 30 minutes, thus facilitating faster cross-border settlements for enterprises [2]. - The "Offshore Pass" integrates various data sources, including customs, shipping, and logistics data, to provide comprehensive support for verifying the authenticity of offshore international trade [1][2]. Group 2: Industry Impact - Since the initiation of the "New International Trade Settlement Center Pilot" in 2010, the offshore international trade in Shanghai's free trade zone has developed steadily, with around 350 companies, including Yihai Kerry and Sony Electronics, engaged in such activities [3]. - The new offshore international trade settlement scale in the free trade zone is expected to grow by approximately 61% year-on-year in 2024, accounting for over 60% of Shanghai's total [3].