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During Chinese President Xi Jinping's state visit to the UK, from October 19 to 23, government departments and enterprises from the two countries will sign a number of agreements to further promote their bilateral economic, trade and cultural cooperation.
As part of the economic and trade cooperation between the two countries, IZP Group, which is among the delegation accompanying the visit, has signed a contract to purchase UK Plurimi Group with the intention of establishing a payment and settlement platform in the UK.
After years of experience and development the IZP Group already has the ability to provide comprehensive financial services for China-UK foreign trade enterprises. On the other hand, as a leading financial group in the UK the Plurimi Group can offer the IZP Group its local financial network resources.
The new platform will enable Chinese and European trade companies to enjoy fast payments through cross-border real-time settlement and clearing. It will also help trade companies reduce foreign exchange losses, and save cross-border settlement and clearing service fees.
By taking advantage of their big data technology, IZP will upgrade the traditional trade finance business with the "Internet Plus" concept, benefiting cross-border trade between China and the UK and promoting further Sino-UK economic and trade cooperation.
The platform is expected to initially service about 10% of China-UK bilateral trade, which in 2014 reached a total of $90.7 billion. That percentage is expected to double in three years.
In addition, the platform will also help increase the liquidity of the yuan as a trade currency, exerting a positive effect on RMB internationalization, and promoting development of bilateral finance and trade.
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| [Photo/izptec.com] |
