OREANDA-NEWS. August 22, 2014. Tianjin Branch of Agricultural Bank of China Limited (ABC) has recently signed a cross-border RMB loan agreement in the amount of RMB50 million with Tianjin iRENA Corp., making it one of the first pilot banks for cross-border RMB innovative business in the Sino-Singapore Tianjin Eco-city.

ABC cross-border RMB loans will help enterprises in the Eco-city broaden financing channels and reduce financing costs. ABC has supported the construction of Tianjin Eco-city by offering the green financial service.

The pilot cross-border RMB innovative business in Tianjin Eco-city includes cross-border RMB loans granted by banking institutions in Singapore to enterprises in Tianjin Eco-city, RMB investment abroad of private equity fund, RMB bonds issuance by enterprises of Tianjin Eco-city in Singapore, cross-border RMB business under personal current account and outward foreign direct investment account.

ABC has always actively participated in the pilot cross-border RMB innovative business between China and Singapore. On the day of the launch of cross-border RMB innovative business in China-Singapore Suzhou Industrial Park in mid June, ABC immediately became one of the first cross-border RMB lending banks. It also became one of the first pilot banks for cross-border RMB innovative business in Tianjin Eco-city in less than a month after.