BEIJING, Feb. 14 (Xinhua Silk Road) -- Shanghai Pudong Development Bank (SPD Bank) was awarded recently by The Asian Banker magazine for its excellent case in advancing the pilot cross-border asset management business in China's Hainan Free Trade Port.
The accolade, which came along with its two major accolades of the 2025 Global Wealth & Society Awards powered by The Asian Banker magazine, attests to its fruit-bearing cross-border Renminbi (RMB) and capital market services last year.
Through partnerships with issuers of wealth management products (WMP) for overseas investors, the bank offered new channels for these institutions to develop business in China.
Generally, cross-border capital flows related to WMP purchases by these overseas investors are completed through the free trade accounts system of the bank's branch in Haikou, capital of Hainan Province.
SPD Bank has collaborated with qualified fund firms and securities brokers to carry out cross-border capital management services, helpful to attract more asset management institutions to cluster at the Hainan Free Trade Port.
Its market share in this regard stands at over 90 percent, with the first batch of such services widely observed by market players, contributing also to construction of the Hainan Free Trade Port.
As the cooperation mode boasts multiple advantages given its closed-loop management, controllable risks and high efficiency, it contributes to the high-level opening-up of China's capital market and the international drive of RMB as well.
In the future, SPD Bank will further leverage its advantages in related cross-border business licenses and platforms and rich experiences in cross-border financial services to provide more diversified options for overseas institutional investors.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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