In order to solve the pain points that have plagued export enterprises for a long time, such as difficulties in collecting small currencies, large exchange rate fluctuations, and complicated settlement routes, and to help foreign trade enterprises reduce transaction costs and speed up capital turnover, major state-owned banks and leading cross-border payment platforms continue to deepen cooperation. On August 12, Bank of China Zhejiang Branch and PingPong officially released the “One-stop Global Local Currency Payment Solution”: focusing on small currency settlement problems in emerging markets such as Africa and Latin America, with the aim of helping enterprises reduce the overall cost of cross-border settlement and enhance the payment experience through innovative service models. According to reports, the Zhejiang branch of the Bank of China has provided more than 10 billion US dollars in financial support for cross-border trade settlements between Zhejiang enterprises and emerging market countries through product service systems such as cross-border RMB, letters of credit, foreign-related guarantees, cash management, and exchange rate hedging. The cross-border payment platform PingPong has obtained more than 80 global payment licenses and qualifications. It has cooperated with more than 260 banks and financial institutions around the world. Currently, it supports local payments in more than 20 small currencies in Southeast Asia, Africa, Latin America, the Middle East, etc., and supports direct settlement of small currencies into RMB.

In order to solve the pain points that have plagued export enterprises for a long time, such as difficulties in collecting small currencies, large exchange rate fluctuations, and complicated settlement routes, and to help foreign trade enterprises reduce transaction costs and speed up capital turnover, major state-owned banks and leading cross-border payment platforms continue to deepen cooperation. On August 12, Bank of China Zhejiang Branch and PingPong officially released the “One-stop Global Local Currency Payment Solution”: focusing on small currency settlement problems in emerging markets such as Africa and Latin America, with the aim of helping enterprises reduce the overall cost of cross-border settlement and enhance the payment experience through innovative service models. According to reports, the Zhejiang branch of the Bank of China has provided more than 10 billion US dollars in financial support for cross-border trade settlements between Zhejiang enterprises and emerging market countries through product service systems such as cross-border RMB, letters of credit, foreign-related guarantees, cash management, and exchange rate hedging. The cross-border payment platform PingPong has obtained more than 80 global payment licenses and qualifications. It has cooperated with more than 260 banks and financial institutions around the world. Currently, it supports local payments in more than 20 small currencies in Southeast Asia, Africa, Latin America, the Middle East, etc., and supports direct settlement of small currencies into RMB.