Agricultural Bank of China signs on to CargoDocs
We're happy to announce that Agricultural Bank of China has signed on to CargoDocs for Trade Finance in order to support their corporate customers' use of Electronic Document Presentation (eUCP Presentation), eDocumentary Collection, and Bank Payment Obligation (BPO). The agreement, signed between essDOCS and the Beijing–headquartered bank in November 2014, makes Agricultural Bank of China the 14th global bank to sign on to CargoDocs.
We look forward to working with Agricultural Bank of China, as we assist in expanding the bank’s trade finance capabilities for their corporate customers.
About Agricultural Bank of China
Agricultural Bank of China is one of the major integrated financial service providers in China. Being a public shareholding commercial bank, the bank strives to expand into the international market and provides diversified services so as to become a first-class modern commercial bank. By June 30, 2014, the Bank had RMB 16.01 trillion in total assets, RMB 12.81 trillion in total deposits and RMB 7.84 trillion in total loans. Agricultural Bank of China has the most extensive distribution network and the largest retail customer base among large commercial banks in China. As of June 30, 2014, it had 23,573 domestic branch outlets, and around 450 million retail customers. Headquartered in Beijing with a nationwide distribution network, Agricultural Bank of China also has branches in Hong Kong, Singapore, Seoul, New York, Dubai, Tokyo, Sydney and Frankfurt; a subsidiary bank in London and representative offices in Vancouver and Hanoi. In addition, the Bank has a number of wholly-owned subsidiaries incorporated in Hong Kong, including ABC International Holdings Limited and China Agricultural Finance Co., Ltd. In 2013, the Bank ranked No. 64 in Fortune’s Global 500, and ranked No. 9 in The Banker’s “Top 1000 World Banks” list in terms of tier 1 capital for the year of 2014. In 2013, the Bank’s issuer credit ratings were assigned A/A-1 by Standard & Poor’s; the bank deposits ratings were assigned A1/P-1 by Moody’s Investors Service; and the long-/short-term foreign-currency issuer default ratings were assigned A/F1 by Fitch Ratings. The Bank’s outlook ratings assigned by the above credit rating agencies were “stable”.
About CargoDocs for Trade Finance
CargoDocs for Trade Finance enables banks to provide enhanced trade finance capabilities to corporate customers who use electronic bills of lading and supporting documents - achieved via three key instruments: eUCP Presentation, eDocumenatry Collection and Bank Payment Obligation (BPO). essDOCS’ online eDocs Exchange acts as a multi-bank platform, enabling users to electronically execute financed trades with increased efficiency, speed and accuracy, in addition to reducing risk and improving both compliance and productivity for banks and corporate customers.