Ningxia SRP Group and the Ningxia branch of the Bank of China signed an agreement on April 18 to deepen cooperation on four projects, including setting out the rules of Sino-Arab cross border e-commerce, providing one-stop service, setting up a financial service platform for Sino-Arab payments and a big data information service platform, and developing industry zone for cross-border e-commerce business.

According to the agreement, Ningxia SRP Group will provide RMB payment and liquidation transaction solutions for domestic e-commerce trade. Dubai International Financial Center will provide a service for U.S. dollars and local currency outside China’s borders. The Ningxia branch of the Bank of China will guarantee the RMB payment abroad and the transfer of funds, and decrease exchange rate risks .

According to Xu Jie, director of Ningxia SRP Group, this agreement will develop new trade channels between China and the Arab world and provide financial B2B and B2C service for the trade of Ningxia halal food and Muslim products. What’s more, the Chinese General Administration of Customs approved Yinchuan as a pilot city for cross-border e-commerce business.