Back To Top

Your Lowtax Account


Shanghai Free Trade Zone To Pilot E-Warrants Platform

by Jason Gorringe, Lowtax.net, London
14 October, 2016

Shanghai will pilot an online cross-border financing and payment platform to enable "electronic warrants" within the city's pilot free trade zone from February 2017.

The platform, with participation from well-known names in the finance industry, will allow commodity companies registered in the FTZ to use e-warrants instead of physical documents, and match companies to commercial banks for lower-interest-rate trade loans, said Commodity Info-tech (Shanghai) Company Limited, which is based in the zone.

Both domestic and foreign commodity traders and related institutions are expected to benefit from the new platform.

MasterCard, Singapore's DBS, Malaysia-based CIMB Bank, Bank of Shanghai, and the local Huifu Financial Service Company have signed a strategic partnership to implement e-warrants.

"After the launch of e-warrants through the platform, we can curb the risks of fake warrants and combine trade information with clearing information to enhance efficiency," said Wang Lei, general manager of Commodity Info-tech.

"We will expand our partnership with other logistics companies and bonded warehouses registered in the FTZ to promote the use of the platform," he said.


See all of today's news


 

News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »