Recently, the WTO has released trade data and forecasts, which estimate that the global merchandise trade volume will increase by 3% in 2022 and 3.4% in 2023. Since the outbreak of the pandemic, with the active response of all countries, the development of global trade has gradually recovered. Also, other development trends are gradually emerging. The pandemic has promoted the combination of the Internet, big data and traditional trade industries, which has led to acceleration of the digital transformation of global trade and changes the global trade pattern.
Although the pandemic is still part of our lives, the data shows that since last year, the global trade has shown a clear trend of recovery. In countries such as Japan, South Korea, that mainly focus on import and export, GDP growth has gradually returned to normal levels. According to the data released by WTO, the total foreign trade volume of the United States rose to 4.692 trillion USD in 2021, increased by 22.4% compared with the same period of the previous year, and the import and export volume of Japan in 2021 also increased by 19.4%. Recently, according to the relevant person in charge of the General Administration of Customs of the People’s Republic of China, the total value of China’s foreign trade import and export in the first quarter was 9.42 trillion yuan, a year-on-year increase of 10.7%.
For global trade practitioners, there are both opportunities and challenges. Especially when the global anti-money laundering campaign has strengthened the supervision of many banks and the threshold for opening accounts has significantly increased, many small and medium-sized trading enterprises have no way to open accounts, but if they borrow other collection modes, there are some problems, such as poor security, high handling fees, slow collection speed and limited amount. With the outbreak of international trade demand, more efficient, convenient and professional payment tools have become the urgent need of most small and medium-sized trade enterprises.
CBiBank, which is bases in the US has emerged as a digital banking rookie in the trade market. CBiBank, has a US commercial bank license and is being regualted by American banking supervisiory institution, it’s a member of American Banking Association (ABA), SWIFT, UNIONPAY, CIPS, etc.
To counter the difficulty of opening an account for small and medium-sized trade enterprises, CBiBank has created a convenient process of online application, with zero financial management, zero savings requirements, and opening accounts within maximum 7 working days, which has solved the problems of large amount of initial financial management requirements and long application process. In addition, its “24-hour online” customer service provides users with efficient solutions.
In terms of business processing, CBiBank fully supports the collection and payment of mainstream currencies in global trade, such as USD, EUR and offshore RMB, and supports the use of multi-scenarios such as physical trade, service trade, investment and financing, and e-commerce platforms, so that enterprises can perfectly adapt to various cross-border collection scenarios.
It takes a good blacksmith to make steel. In the post-pandemic era, the global economic trend is not clear yet. Small and medium-sized trade enterprises with relatively small anti-risk ability need to consolidate their own foundation, stabilize their basic market, gradually break away from the previous rhythm of “savage growth”, and value the security compliance and financial security more. CBiBank has currently provided safe, fast and efficient one-stop financial services to tens of thousands of customers of small and medium-sized trade enterprises, and has become a “ferryman” for its global trade. With the fast and steady development of CBiBank’s global business, it will benefit more small and medium-sized trade enterprises, help them realize digital management, and thus promote the further development of the whole trade status.
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Company Name: CBiBank
Contact Person: Xu Sicong
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Country: United States
Website: https://www.cbibank.com/index-en.html
