ICBC has innovated its cross-border business in China (Shanghai) Pilot Free Trade Zone, enabling customers in the FTZ to double their trade in three years.

The bank helped Chinese companies to complete overseas mergers or acquisitions with creative financial products. Some of the products won innovation prizes from the Shanghai Office of Financial Services.

The bank created China's first cross-border cash pool and provides service to third-party payment companies in cross-border transactions.

By the end of August, the ICBC branch in the FTZ had opened 17,000 free trade accounts for over 15,000 clients who are in finance, foreign trade and technology sectors.

The branch now operates more than 20 percent of ICBC Shanghai's total assets, the bank officials said.ICBC Shanghai now has over 13,000 employees working at about 500 outlets across the city.

Source: Shanghai FTZ Government.cn