1st intl bank opens, providing financial support for Hainan FTP

The Haikou branch of the HSBC Bank (China) Company Limited officially opened on Dec 6, the first international bank to open in Hainan Free Trade Port. 

The Haikou branch of HSBC will focus on corporate business and is committed to providing a wide range of RMB and foreign currency financial solutions for local and foreign companies, including working capital loans, fixed asset loans, project financing, as well as providing various trade financing products, cross-border fund receipts and payments services, and professional corporate treasury management programs.

The branch President Xia Ran said that "the establishment of the new branch allows us to better serve the growing cross-border financial needs in the province, provide financial support for local companies to expand to overseas markets, and help Hainan attract more high-quality international investment."

According to the 14th Five-Year Plan for the Development of the Financial Industry in Hainan Province (2021-25), Hainan aims to establish a financial system that is compatible with the high-level FTP development. By 2025, the added value of the financial industry is expected to reach 100 billion yuan ($15.7 billion), the financial industry is expected to account for 10 percent of the province's GDP, the number of employees in the financial industry is expected to reach 120,000, and the number of various financial institutions is expected to reach 1,000.