One of China’s big four state-owned banks will permit transactions using the renminbi on US e-commerce platforms according to a report from the state-owned Xinhua News Agency.
According to the report published on Sunday the New York branch of Bank of China will allow Chinese vendors to accept payments in the renminbi instead of the dollar when making sales via US e-commerce platforms.
Executives from Bank of China said that payments will be implemented via the e-MPay cross-border payment system first launched by the New York branch in 2016, with acceptance of renminbi payments scheduled to commence this year.
Xu Chen, president and chief executive officer of Bank of China USA, also revealed that the New York branch is building upon one of its existing platforms to “facilitate trade finance for e-commerce platforms,” as well as create a system that uses artificial intelligence to expedite compliance with US anti-money laundering regulations.
Bank of China’s goal is the provision of a broader range of services to small and medium-sized enterprises that engage in trade with stateside counter-parties.