Recently, the Guangzhou Cross-border E-commerce Platform became the first in the country to conduct intelligent clearing of funds after foreign exchange settlement. The platform provides companies with one-stop services such as data collection, export tax rebates, foreign exchange collection and settlement, etc.
Usually, there are some risks for those cross-border e-commerce companies when receiving foreign exchange funds through traditional foreign comprehensive services companies, since it might be considered as a domestic trade transaction, resulting in a mismatch between the flow of goods information and capital.
By adopting the new model, the platform is now connected to the People's Bank of China system, through which the money can be directly paid to those e-commerce companies after settling foreign exchange. This improves the capital turnover rate of upstream e-commerce companies with less financial pressure.
As one of the first batch of pilot companies, Mr. Luo, General Manager of the Foreign Comprehensive Business Department of Guangdong Silique International Group Wintex Corp Ltd., said that the platform has provided great convenience for the company. In particular, the new function of fund clearing helps the company a lot in terms of capital flow and production.
As of now, the Guangzhou Cross-border E-commerce Platform has served more than 50,000 companies with 500 million business declarations, and collected and settled foreign exchange amounts of 50 billion RMB.