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IBS European clearing and settlement business implemented, and in-depth cooperation with Lithuanian Central Bank promoted

Date:Tue Apr,2016

On April 26, 2016, the International Business Settlement Co., LTD (hereinafter referred to as IBS) under IZP Group signed an in-depth cooperation agreement with Lithuanian Central Bank, to further enhance their cooperation in the field of international settlement, substantially promote the implementation of IBS's clearing and settlement business in Europe. The initiative will help to build the next generation clearing and settlement network between China and Europe, greatly promoting the trade facilitation between China and the European Union, and having strategic significance to advance the building of a financial settlement system using RMB as the settlement currency. 

IBS signed a cooperation agreement with the Central Bank of Lithuania
The second from the left is Mr. Vitas Vasiliauskas, Governor of the Central Bank of Lithuania, and the third from the left is Mr. Ji Xinhua, IBS CTO

On that day, Mr. Vasiliauskas Vitas (President of Lithuanian Central Bank) met with Mr. Ji Xinhua (the CTO of IBS) in Vilnius, the capital city of Lithuanian. The meeting is a further advance of the bilateral strategic cooperation, and the core goal is to build IBS cross-border clearing and settlement system in the European Union. The content of the co-operation mainly includes two aspects, which are IBS's opening of settlement accounts in the European Central Bank and establishing of automatic clearing house, as well as providing end-to-end settlement services for personal consumption and business trade between China and the European Union based on the said system. 

According to relevant person in charge of IBS, after the signature of the cooperation project, IBS will be connected to the TARGET 2 and SEPA real time clearing and settlement systems of European Central Bank, which will lay a solid foundation for the regional settlement circle of IBS in Europe, marks a deployment initiation of NGSN (Next Generation Settlement Network) between China and the EU, promotes the facilitation of Sino-EU trade settlement, provides real-time liquidation channels and on-demand financial products for trade enterprises, and provide consumers with the ubiquitously innovative payment. 

According to the data, the amount of Sino-EU trade reached $542.03 billion in 2015, which is higher than the amount of Sino-US trade of $536.19 billion. The NGSN implementation between China and the EU will effectively reduce the settlement costs of bilateral trade. Lithuania is one of the member state of European Union and an important node of the One Belt and one Road ("OBOR"); and the Baltic region where it belongs to is an important channel of Northern Europe, and important waters between coastal states and to the North Sea and the North Atlantic Ocean. 

As a global financial technology company, IBS is committed to the RMB's internationalization development, and by centering on the regional chain and big data technology, to build a decentralized, distributed, collective collaborative settlement network of the next generation. and, orienting to the global market, especially the countries along "One Belt and One Road", to arrange the global financial liquidation and settlement network to provide international liquidation and settlement services for global trade and consumption. 

Currently, IBS has arranged top 5 regional settlement circles in Central Asia, Europe, Middle East, Africa and South Asia, which provide settlement services for cross-border trades and consumptions between China and these regions, countries of these regions or among these regions, and take the leading position in the aspects of international settlement scale of countries covered. 

In the future, depending on China's mass of huge global trade and the rapid advance of RMB internationalization, IBS will, based on the application and innovation of financial science and technology, become the financial liquidation and settlement infrastructure of the largest RMB liquidation and settlement system in the world.