1st intl letter of credit of Guangxi FTZ issued

Guangxi Small & Medium Enterprise Financing Guarantee, in collaboration with Bank of China, has recently guaranteed the issuance of its first international letter of credit (L/C) for a State-owned enterprise, amounting to 84.17 million yuan ($11.71 billion).

The entire process from application to approval was completed online within just two working days, significantly improving efficiency.

The two sides have jointly designed a tailored "guarantee + settlement + financing" integrated solution for the enterprise, effectively shortening the approval cycle for traditional international L/C transactions, reducing capital occupation costs, and enhancing cross-border settlement efficiency.

Moving forward, Guangxi Small & Medium Enterprise Financing Guarantee is expected to continue relying on the financial innovation policies of the China (Guangxi) Pilot Free Trade Zone and actively participate in the construction of the "Belt and Road" China-ASEAN Cross-Border Financial Innovation Center, strengthen cooperation with financial institutions, and optimize the cross-border financial service system.

Additionally, the enterprise will explore new guarantee models such as "cross-border settlement + supply chain finance" to provide enterprises with more convenient and efficient cross-border settlement tools, supporting Guangxi in becoming a key hub for domestic and international dual circulation.