Several domestic banks recently provided cross-border financing services totaling 6 billion yuan ($822.7 million) to the agricultural technology and innovation provider Syngenta Group. The Industrial and Commercial Bank of China (ICBC) is the lead agency.

[Photo/VCG]

The funds were disbursed through a non-resident account (NRA) opened by Syngenta Group at the ICBC branch in Beijing Daxing Free Trade Zone. At the same time, the branch processed a forward forex settlement transaction of $200 million for its customer.

According to the local media, this is currently the largest offshore financing and client forex trading transaction within the free trade zone, and the first NRA  account cross-border financing transaction in the whole Beijing Daxing International Airport Economic Zone.

The zone has introduced top financial institutions such as ICBC, Agricultural Bank of China, Bank of China, and China Construction Bank within its free trade zone area.

Leveraging the foreign exchange pilot policies in the airport area's free trade zone, financial institutions are jointly exploring the application scenarios of financial innovation to enhance their capabilities and improve the convenience of cross-border trade financing.

Daxing airport area vows to enhance its regional cross-border financial services and provide support for local industrial development in terms of settlement, financing, cross-border business, and more.