Bank of Asia Joins the Belt and Road Service Connections

Bank of Asia has announced that it has joined the Belt and Road Service Connections, revealing that it had done so in an online signing ceremony on 24 September 2020.

The Belt and Road Initiative proposed by President Xi Jinping of the People's Republic of China in 2013 advocates the connection of the Asian, African and European continents, providing an international, high quality and sustainable investment and trade network that will contribute to the revival of the global economy, Bank of Asia explained in a press release.

The Belt and Road Service Connections aims at exploring diversified settlement mechanisms for foreign-related commercial disputes to support project development under the Belt and Road Initiative. The key to the Belt and Road Initiative is in realising the integration of cross-border resources, which is highly relevant to the cross-border financial services provided by Bank of Asia. Becoming a member of the Belt and Road Service Connections is of great significance to the Bank's strategy.

Wang Li, Chairperson of the Belt and Road Service Connections, said: “We are very confident in the capabilities and security of Bank of Asia. Every project under the Belt and Road Initiative requires efficient contractual, payment, insurance and technology services. Bank of Asia can cater to the needs of these projects for financial service. Bank of Asia's joining will inject new energy into the Service Connections. Through working together to enhance service resources and enrich financial capabilities, the member organisations will offer digital financial services for countries both within and outside the Belt and Road Initiative.”

Carson Wen, Founder and Chairman, Bank of Asia, said: “As a bank licensed and regulated by the authorities of the British Virgin Islands, Bank of Asia offers professional cross-border financial services and asset management services for its global clients. Bank of Asia has made its presence in countries within the Belt and Road Initiative. We are very honoured to witness and be a part of the development of the Belt and Road Service Connections. As the newest member of the Service Connections, we will actively assist Chinese companies to go global by supporting them with the necessary financial services.”

Lisa Lou, President, Bank of Asia, said: “The financial industry plays an important role in paving the way and bridging the gap for developments under the Belt and Road Initiative. As the first international banking organisation participating in the Belt and Road Service Connections, Bank of Asia will use its strength in finance and leverage advance technology to provide companies from different countries with professional and integrated services in financing, transaction finance, supply chain finance, offshore asset management and more. As the Covid-19 pandemic reshapes our lifestyle, we have become more aware of the importance of digital finance. The mission of Bank of Asia is to enable enterprises, organisations and individuals to enjoy banking services anytime, anywhere in the world, transforming the relationship between traditional banks and clients. I believe Bank of Asia will set an example for the development of FinTech in countries within the Belt and Road Initiative.”

Gao Xiaosen, Senior Consultant, China Overseas Development Association, said: “The timely cooperation between the Belt and Road Service Connections and Bank of Asia will offer comprehensive consulting services for companies developing their business overseas. This can empower traditional industries to usher in new development opportunities and pathways. Bank of Asia joining the Service Connections heralds not only the cooperation between legal institutions and well-known financial institutions, but also the collaboration among different fields on a larger scale to provide Chinese companies with the momentum and impetus to accelerate their international business development.”