Chongqing - The "Kuajing Yirong" digital financial services platform, aimed at boosting foreign trade, was officially launched at the China (Chongqing) International Trade Single Window, announced by the National Financial Regulatory Administration (NFRA) Chongqing Bureau on November 12.

"The 'Kuajing Yirong' platform brings financial services directly to foreign trade enterprises, significantly improving the efficiency of cross-border financial operations," said a relevant person in charge of the NFRA Chongqing Bureau. "We aim to provide one-stop services, simplifying the entire process for enterprises."

The platform, part of the China (Chongqing) Pilot Free Trade Zone,  connects over 100 banking and insurance institutions in Chongqing via the "Jinyu Network," enabling businesses to access services like account opening, settlement, financing, and insurance online. 

The NFRA Chongqing Bureau created the "Jinyu Network," the first integrated financial service network in central and western China, to promote data sharing and business collaboration.

Currently, the platform combines a diverse range of trade finance products from 11 banking institutions and four insurance companies, offering services such as import letters of credit, import remittance charges, export commercial invoice financing, export factoring, cross-border loans, and more.

By the end of the year, the platform will incorporate international trade tracking and offer in-depth overseas data analysis to help businesses better understand their supply chains, trading partners, and global market trends.

The platform is especially beneficial for small and medium-sized foreign trade enterprises, which often struggle with financing access. Using big data and privacy computing technologies allows financial institutions to assess credit status and operational data, offering more accurate financing and insurance options.

"By using a combination of historical trade, logistics, and financial information, as well as credit enhancement measures like railroad and multimodal transport bills of lading, the platform offers tailored financial products for businesses," said a relevant person in charge of the NFRA Chongqing Bureau.

The maximum credit limit available through the platform is 5 million yuan, greatly alleviating companies' financing difficulties. Special financing products, such as the Bank of Chongqing's "Luhai Dandai" and Chongqing Rural Commercial Bank's "Tongdao Tierong," have already been launched.

The launch of the "Kuajing Yirong" platform marks a key step in advancing Chongqing's role in the New International Land-Sea Trade Corridor. The platform is set to strengthen trade, logistics, and financial ties between Chongqing and countries along the corridor by streamlining international land trade and financial services.