China News Service, Tianjin, October 13 (Wang Junyan) A reporter learned from Tianjin Economic Development Zone on the 13th that in early October, Tianjin Economic Development Zone Enterprise Antu Jinxin Commercial Factoring Co., Ltd. completed its first cross-border RMB factoring business.
It is reported that this type of business is based on the transaction data of Air China’s air ticket sales and the cross-border renminbi as the settlement method, forming a closed-loop management of renminbi sales of overseas air tickets-renminbi factoring-renminbi receivables collection, opening up cross-border A new model in which factoring business is handled by commercial factoring companies.
This innovation helps domestic airlines expand the international market, regulate the management of overseas travel expenses of state-owned enterprises, save resources occupied by accounts receivable, and further enrich the overseas application scenarios of cross-border RMB.
It is reported that airlines can obtain accounts receivable financing in as short as 3 days, shortening capital turnover by about 60 days, and greatly improving the efficiency of corporate financing.
Antu Jinxin Commercial Factoring Co., Ltd. was wholly-owned by China Aviation Settlement Co., Ltd., a subsidiary of China Civil Aviation Information Group Co., Ltd.
Since its establishment, it has mainly provided commercial factoring services for airlines, hotels and agents.
Since the COVID-19 pandemic, mainstream domestic airlines have formed a large number of accounts receivable for international air tickets, which has created a real demand for cross-border factoring business.
The Tianjin Economic and Technological Development Zone has repeatedly discussed research business implementation plans and details with the Tianjin Branch of the People's Bank of China and the Central Branch of the Foreign Exchange Bureau in Binhai New Area, and tailored innovative service plans. The first cross-border RMB factoring business was implemented in early October.
(over)