BEA China now offers cross-border electronic RMB payment services in the Shanghai FTZ.

The Bank of East Asia (China), the wholly-owned subsidiary of Hong Kong-based BEA Group, has launched a cross-border electronic Renminbi payment service in the Shanghai Free Trade Zone.

The service was launched in cooperation with Shanghai Shengpay e-Payment Service, the firm said in a statement. The deal effectively makes BEA China the first foreign bank to provide cross-border e-RMB payment in the Zone, it added.

In February 2014, the Shanghai office of the People's Bank of China introduced such a service for institutions that provide payment services due to increasing demand. Banks authorised to provide it will manage clients' reserve accounts for third-party payment institutions and provide fund settlement services. 

In addition, the China Banking Regulatory Commission has granted approved to BEA China's Shanghai FTZ sub-branch to conduct personal banking operations.

BEA China has one of the largest branch networks of any foreign bank in Mainland China. With its local headquarters located in Shanghai, it has 126 outlets, including 27 branches and 98 sub-branches in 40 cities. It is authorised to provide a full range of banking and financial services in the country.