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[Belt and Road Financial Cooperation Practice Case] BOC: BOC Global Cross-Border Matchmaking Services– Boosting SME Internationalization with the Silk Road Spirit

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Editor's note: In order to systematically study the financial cooperation practice of the BRI, promote experience exchanges and business cooperation in the financial sector, and better introduce the excellent cases of financial cooperation, Asian Financial Cooperation Association (AFCA), on the basis of Belt and Road Financial Cooperation Committee (BRFCC), conducts Asian Financial Cooperation Association Belt and Road Financial Cooperation Practice Report. The appendix of the report selects 40 Belt and Road Financial Cooperation Practice Cases, including credit support, equity financing, bond issuance, insurance services, payment and settlement, risk management, inclusive finance, investment and financing platform, and epidemic prevention and control. The rich cases not only show the business achievements of AFCA members and relevant institutions under the BRI framework in recent years, but also reflect the new changes of the BRI financial cooperation practice.

BOC: BOC Global Cross-Border Matchmaking Services– Boosting SME Internationalization with the Silk Road Spirit

Abstract: With the aim of exploring and solving the difficulties of cross-border operation and cooperation involving micro, small and medium-sized enterprises, the BOC Global Cross-border Matchmaking Services strives to serve the real economy, enhance the development of inclusive finance and the growth of micro, small and medium-sized enterprises, and serves as an exchange and cooperation platform for the interconnectivity among enterprises. In the context of economic globalization, the BOC Cross-border Matchmaking Services help enterprises integrate into the global capital chain, value chain and industrial chain, and provides a BOC plan for fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.

BOC has carried out the matchmaking for two consecutive sessions during the “Belt and Road Forum”, launched the matchmaking for three consecutive sessions supporting the “China-CEEC Cooperation”, and held three consecutive sessions of the Supply-Demand Matchmaking Conference during the China International Import Expo. As at the end of 2020, BOC has held 72 matchmaking conferences around the globe, offering services to 30,000 Chinese and foreign enterprises from 125 countries and regions, which receives high commendation from all sectors of the community.The 21st century is a new era marked by the theme of peace, development, cooperation and mutual benefit. The weak recovery of the global economy and complicated international and regional situations make it even more important to carry on the Silk Road Spirit.

Bank of China (BOC) is the most globalized bank in China and practices the concept of taking responsibility. In 2014, BOC pioneered the first Global Cross-border Matchmaking Services in the industry by leveraging its featured operation and development strategies in the field of cross-border financial service, financial service for exhibition and convention and cross-border transaction matchmaking, in an effort to help micro, small and medium-sized enterprises integrate into the global capital chain, industrial chain and value chain. The initiative of the matchmaking services happens to echo with the Silk Road Spirit of “peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit”.

I. Overview of BOC Global Cross-Border Matchmaking Services

Micro, small and medium-sized enterprises are a significant force in economic and social development and play an irreplaceable role in areas such as job creation, technological innovation and economic growth.

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, BOC strives to build a world-class modern banking group, fulfill its mission of “connecting the world to benefit society”, and launched the BOC Global Cross-border Matchmaking Services, which is the first of its kind. Committed to solving problems in corporate cross-border operation and serving the real economy, BOC Cross-border Matchmaking Services boosts the development of inclusive finance and micro, small and medium-sized enterprises, promotes multi-lateral trade cooperation with focus on the Belt and Road Initiative, and serves as an exchange and cooperation platform for interconnectivity among global enterprises.

II. BOC Global SME Matchmaking System

To improve cross-border matchmaking services, in March 2017, BOC independently developed its Global SME Matchmaking System (GMS) for the preparation and organization of offline and online cross-border matchmaking activities, with the features of meeting management, negotiation arrangement, supply-demand matchmaking, video matchmaking, etc.

Based on GMS, BOC has provided domestic and overseas micro, small and medium sized enterprises with “one-to-one” accurate matchmaking, supply-demand matching, technical support and other online and offline services to promote their communication and cooperation. In addition, a comprehensive range of supporting services are also offered in the whole process such as multilingual translation, meeting service and consulting. Cross-border matchmaking is an additional service that is free for corporate customers, including participation in matchmaking events, supply-demand matching, etc.

III. Achievements of BOC Global Cross-border Matchmaking Service

As at the end of 2020, Bank of China has held 72 cross-border matchmaking conferences around the globe, and attracted 30,000 Chinese and foreign enterprises from 125 countries and regions, which are engaged in various industries including IT, biomedicine, advanced manufacturing, artificial intelligence, modern agriculture, new energy, environmental protection, education, medical care and tourism. This move is intended to help enterprise succeed in business cooperation including trading, investment and technology introduction, which receives wide recognition among political and business communities.

i. The B2B Matchmaking Session of Belt and Road CEO Conference of the Second Belt and Road Forum for International Cooperation

On April 25, 2019, the B2B Matchmaking Session of Belt and Road CEO Conference of Industrial and Commercial Enterprises Cross-Border Matchmaking Conference of the Second Belt and Road Forum for International Cooperation was held in National Convention Center (Beijing). Nearly 1,000 entrepreneurs from 75 countries and regions participated in the matchmaking conference. As an important part of the Second Belt and Road Forum for International Cooperation, the matchmaking conference aimed to serve as a platform for communication among industry and commerce communities of the Belt and Road countries/regions, thereby promoting investment cooperation. The 1000 entrepreneurs mainly engaged in five sectors including governments and chambers of commerce, energy and infrastructure, logistics and industrial park/free trade zone, people’s wellbeing and cultural service, and financial capital service. The matchmaking was a huge success and crowd of people gathered at the signing area to sign intended cooperation agreements.

ii. 2019 China-CEEC SMEs Cross-Border Matchmaking Event

On April 12th, 2019, BOC held the 2019 China-CEEC SMEs Cross-border Matchmaking Event in Dubrovnik, Croatia, in parallel with the 8th Summit of CEEC & China. Premier Li Keqiang of the State Council of China and Prime Minister Andrej Plenkovic of Croatia delivered speeches. 15 CEEC governments’ leaders such as Poland, Czech, Slovakia and Hungary were present at the event. During his speech, Premier Li Keqiang emphasized the important role SMEs play in social innovation and development. He said that the Chinese government will continue to strongly support the cross-border business of SMEs by providing more comprehensive and convenient services. It was the third time in less than two years that Premier Li Keqiang attended and gave guidance to the SMEs participants at cross-border matchmaking events organized by BOC and it was also the first time that all government leaders of China and CEEC attended the event.

iii. The Trade and Investment Matchmaking Conference of the Third China International Import Expo

On November 6th and 7th, 2020, BOC held the Trade and Investment Matchmaking Conference of the Third China International Import Expo in Shanghai. It was the third consecutive trade and investment matchmaking conference since 2018. During the two-day conference, 674 exhibitors and 1,351 buyers from 64 countries and regions conducted one-to-one negotiation (including scheduled negotiation, free negotiation, video negotiation and investment promotion) online and offline in the 10000m2  venue in Shanghai and 19 other sub-venues set up in China. The exhibitors and buyers were from all the 6 exhibition areas of CIIE and reached 861 cooperation intention agreements during the conference. The conference was a huge success with remarkable results and highly praised by the China International Import Expo Bureau.

IV. Future Focus on Key Areas

i. Countries and regions

BOC will step up efforts in promoting the Belt and Road Initiative, Coordinated Development of the Beijing-Tianjin-Hebei Region, Guangdong-Hong Kong-Macao Greater Bay Area, Integrated Development of Yangtze River Delta and other major strategies. BOC will hold cross-border matchmaking conferences in the countries along the Belt and Road, countries of Association of Southeast Asian Nations, the Beijing-Tianjin-Hebei region, the Yangtze River Delta region, the Chengdu-Chongqing economic circle, free trade zones and cooperation zones of domestic and overseas SMEs, so as to conduct cooperation with overseas high-tech enterprises, emerging industries and traditional advantageous industries. In line with China’s regional development strategies, BOC will push forward the internationalization of Chinese SMEs.

ii. Industries

BOC will hold cross-border matchmaking events focus on strategic emerging industries such as new-generation information technology, new energy vehicles, biotechnology, green and low carbon, high-end equipment and material, and digital creativity.