Foreign banks step up to support businesses amid lockdown

Foreign banks in Shanghai have lived up to their pledge to help local companies overcome funding difficulties during lockdown.

Under the guidance of the China Banking and Insurance Regulatory Commission Shanghai Office, the banks have been providing non-stop services.

From the start of the lockdown, Chairman of Nanyang Commercial Bank (China) Sun Jiandong and some key workers settled into their head office building to ensure normal business.

MUFG Bank (China) assembled and debugged 200 computers upon receiving notice of the city's lockdown and delivered them to employees who worked from home. It also deployed officers from six branches in Shenzhen, Guangzhou, Tianjin, Beijing, Dalian and Wuxi to assist in handling business in Shanghai.

Credit: Ti Gong

Foreign lenders also have called on workers to volunteer in their local communities in the fight against the pandemic.

Banks are also using high-tech systems to serve their customers.

Hang Seng Bank (China) completed its system integration with Shanghai's international trade single window system to provide paperless and convenient online foreign exchange remittance for goods trade projects.

JPMorgan Chase's Shanghai branch used big data technology to analyze its corporate clients' portraits and developed a "traffic light" monitoring system for cross-border payment.

Foreign banks in Shanghai have also played an active role in stabilizing foreign investment.

MUFG Bank (China), in conjunction with its Japanese parent bank, publicized China's financial relief measures to its Japanese-funded enterprises and strived to calm investor concerns.

The Shanghai branch of German lender Commerzbank provided an international school client with a series of financial services, including 50 million yuan (US$7.49 million) of capital loans, and timely payroll payments for its faculty and staff.

In response to a basket of targeted measures rolled out by the Shanghai banking and insurance regulator, foreign banks have committed to helping the real economy and people.

Fubon Bank (China), together with its technology partners, ensured fast online loan approvals to small and medium-sized logistics firms by using real time transaction and logistics data to control business risks.

Chen Feng, president of the bank, said that in the face of the complicated pandemic situation, they made diligent arrangements for quick responses and maintained uninterrupted business and services.

HSBC's Shanghai branch took the lead in launching a special funding plan with a quota of 1 billion yuan for small and micro enterprises, as well as opening green channels for credit approval.

Credit: Ti Gong