First public service platform for offshore financial legal practices to be launched

Signs for the Annual Conference of Financial Street Forum 2024 are displayed on Beijing Financial Street on October 18, 2024. (Photo: Courtesy of Financial Street Forum)

China's first public service platform for offshore financial legal practices was launched at the three-day Annual Conference of Financial Street Forum 2024. The new platform is expected to provide greater convenience and support for Chinese enterprises to expand their overseas operations and access cross-border financial services, experts said.

The platform will be officially launched soon and be open to the public free of charge, according to media reports.

The platform was jointly unveiled by the National Financial Regulatory Administration, the China Securities Regulatory Commission, the Beijing Financial Court, and the Bank of China.

Speaking at the forum, Song Yi, vice president of the Beijing Financial Court, said that the service platform was the result of a joint effort by the four launching organizations for more than two years.

"The platform involves extensive research with dozens of financial institutions and companies… it's the creation of the country's first comprehensive and accurate resource database for offshore financial legal regulations," Song said.

The platform's content is tailored to the needs of Chinese enterprises expanding overseas, covering key regions for international investment, including the US, the UK, the EU, Japan, Singapore, and Sweden, as well as some important international organizations. It has compiled more than 800 laws and regulations related to banking, securities, insurance, and trust in the financial sector.

Robust legal protections are needed in creating a world-class business environment and promoting high-level opening-up, said Song, noting that identifying and applying offshore laws accurately is crucial for commercial entities to better engage in overseas investment and cross-border operations, particularly when it comes to resolving international disputes.

The platform will support multi-level searches, content downloads, and verification of information traceability. Moreover, the service platform, as a non-profit one, will be freely accessible to market entities, regulatory bodies, and others, according to media reports.

There are significant differences in financial regulations, regulatory requirements, and judicial practices across different countries and regions, which pose great challenges for Chinese enterprises in their overseas operations and risk management, said Xu Zewei, president of the Beijing Internet Finance Industry Association.

The launch of the platform will provide substantial convenience and support for the international business expansion and cross-border financial services of Chinese enterprises, Xu said.

Xu said that the platform's non-profit nature and free access service model reflect the inclusive spirit of the rule of law.

"This not only lowers the cost for enterprises to access legal information but also promotes equitable access to that information… These measures are significant for creating a world-class business environment and advancing high-level opening-up," Xu noted.