By Exploring Application of Digital RMB in Multiple Scenarios, the Bank of China Contributes to the Success of the CIFTIS with High-level Financial Services

On September 7, China Beijing International Fair for Trade in Services 2021 (CIFTIS) came to an end in Beijing. As the exclusive global partner of the banking industry of the CIFTIS, the Bank of China provided comprehensive support for the Fair in supporting activities, supply and demand docking, financial services and so on.

With the grand opening of the CIFTIS on September 2, the Bank of China participated in the Fair online and offline simultaneously both in the China National Convention Center and in Shougang Park to show its high-level financial services and achievements in the application of the most cutting-edge financial technologies in an all-round way.

As the official banking partner of Beijing 2022 Beijing Winter Olympic Games and the Winter Paralympic Games, the Bank of China (BOC) not only focused on promoting the deep integration of the digital RMB and the scenario of the Winter Olympics but also demonstrated the exploration and application of the digital RMB in scenarios such as transportation, smart park, silver hair industry and cooperation between banks. With the smart and interactive experience provided on the spot, the audience had a better understanding of the digital RMB and the Bank of China assisted the people to open more than 1100 personal digital RMB e-wallets every day during the Fair,.

In addition, the BOC participated in the exhibition with eight major financial featured products and professional services including cross-border financing, financial inclusion and supply chain finance, and it also brought the latest achievements it had made in the exploration and practice in four strategic scenarios such as cross-border, educational, silver hair and sports scenarios.

On September 3, the BOC held a brand conference for financial services and released two brands, namely “BOC Smart Chain” and “Cross-border Trade Club Services”, of which “BOC Smart Chain” is an expandable and extendable brand series created by the BOC. According to the operation characteristics of different industries, the BOC customized the brand of comprehensive financial service scheme for supply chain. Besides, the BOC also released the four industry subchains such as “BOC Pharmaceutical Chain, BOC Automobile Chain, BOC Equipment Chain and BOC Construction Chain” to meet the personalized needs of different industries for supply chain finance.

The BOC also co-hosted the Supply and Demand Docking Meeting of Enterprises with the Organizing Committee of the CIFTIS, which attracted enterprises from nearly 20 countries and regions including the United States, Japan and France. The participating enterprises conducted nearly 100 rounds of negotiations and reached 51 cooperation intentions with the intention of more than US $500 million. The docking meeting also set up a special section for foreign financial institutions to help promote the construction of “two zones” in Beijing with high standards. Experts from the Beijing Local Financial Supervision explained “Beijing’s advantages in financial development and its policies to attract foreign financial institutions” on the spot to representatives of 40 overseas financial institutions online and offline, which received magnificent response.