BOC backs high-quality growth in Hainan FTP

With the strong institutional support from BOC's head office, the Hainan branch has made great efforts during the establishment of the Hainan FTP to implement the comprehensive strategic cooperation agreement signed with the Hainan provincial government. It has formulated policies for supporting the construction of the Hainan FTP and received preferential support in credit resources, talent resources, technology resources and assessment mechanisms to serve the establishment of the Hainan FTP with concrete actions.

To back the construction, BOC's head office has established the BOC Hainan financial research institute in the province to provide robust think tank support for financial opening-up and innovation in the Hainan FTP.

BOC, as a highly globalised and integrated bank, is highly aligned with the Hainan FTP's goal of benchmarking against the highest forms of opening-up and promoting high-level financial openness, according to relevant officials from the Hainan branch.

During a recent Hainan-themed event, more than 50 reporters conducted an on-site visit to the cross-border financial service counters at the Hainan branch to gain an in-depth understanding of the policy background and practical operation processes of EF accounts.

On May 6, 2024, the business management measures for the Hainan FTP EF accounts came into effect and such accounts were officially launched on the same day. The Hainan branch opened EF accounts for several enterprises that day. By the end of November 2025, the branch's business volume of EF accounts had reached 50.3 billion yuan ($7.14 billion), covering more than 10 types of businesses such as offshore trade and foreign debt.

The branch has been dedicated to creating tailor-made financial solutions to address various "pain points" and "difficulties" in cross-border financial services for enterprises.

Recently, Long Minqi, a manager at Hainan ITG, processed a foreign exchange payment to Singapore amounting to $130,500 for goods procurement. Long said that by simply submitting a payment application through online banking and instructing the staff at BOC's Hainan branch, the foreign exchange payment could be processed.

"It is very convenient, and the payment can be completed in less than an hour," said Long, adding that it greatly improved work efficiency.

Tian Ting, an assistant manager at Zheshang Development Group (Hainan), said that EF accounts have brought convenience to handling cross-border business for enterprises.

"The traditional process for overseas loans required us to submit a large amount of paperwork offline for foreign exchange registration, filing and opening a loan account. Now, through the EF account, the process is streamlined and handled through a one-stop online service," Tian said.

As a leading enterprise in the bulk commodity circulation sector, Zheshang Development has a large business scale and strong capital demand. After opening an EF account, the company fully utilized its advantages of "no prior registration, no special account management, and flexible and efficient limits", effectively addressing the pain points and difficulties of tight funds and high financing costs for an overseas trading company.

The Hainan branch said it believes that the best cross-border finance is not services but solutions. Focusing on the leading industries of the Hainan FTP, the bank customizes a matrix of solutions for enterprises.