The city of Nanning is accelerating the construction of the China-ASEAN Financial City. [Photo/Nanguo Morning]

From January to November this year, 32 new financial institutions (enterprises) settled in China-ASEAN Financial City in Nanning, Guangxi Zhuang autonomous region, including China Merchants Bank and Bank of China, bringing the total number to 57.

Focusing on the high-end service industry, China-ASEAN Financial City is a regional headquarters enterprise gathering hub and financial center for ASEAN. It is also the core platform of financial information service for the China-ASEAN Information Port.

The financial sector in Nanning is making every effort to promote the construction of the modern financial sector in the Guangxi FTZ and the financial opening gateway to ASEAN. It has made full use of the business innovations of financial institutions, accelerating cross-border financial business innovation.

In addition, more than 1,200 companies have been introduced to the China (Guangxi) Pilot Free Trade Zone Nanning Area, providing new development opportunities for the business expansion of financial institutions.

An official of the financial office of Nanning noted that the city has accelerated the construction of an international insurance trading market in the ASEAN region, built a financial back-office service base, as well as focused on advancing the construction of the science and technology and financial industry zone.

Notable results have been achieved, such as establishing the "cross-border loan," an online financing product for small and micro enterprises launched by Industrial and Commercial Bank of China based on big data technology innovation, as well as the implementation of export receivables financing business through the pilot of a cross-border financial blockchain service platform.