Bank of China plays matchmaker, seeks to link PH SMEs to its clients
Bank of China (BoC) Thursday kicked off a campaign to link small and medium enterprises in the Philippines to its network of clients through matchmaking forums next year.
The 104-year-old commercial bank, described as China’s most internationalized and diversified bank, which has been operating here since 2002, is working with the Philippine Chamber of Commerce in the Philippines as well as the local chapter of the International Chamber of Commerce (ICCP).
Deng Jun, head of BoC in the Philippines, said in an interview they were holding in March 2017 the BoC Global SME Cross-Border Trade and Investment Conferences for the first time in the Philippines.
The bank held 26 such forums over the past two years in different cities around the world, attracting at least 15,000 companies from 60 countries.
Deng said Thursday’s event was a roadshow to facilitate the BoC’s matchmaking service, “which promotes the interconnection between SMEs worldwide, helps them share the global value chain, and stimulates the vitality and globalization of SMEs.”
ICCP director general Jesus Varela said transactions were expected to involve players in the industries of agri-business, technology, and renewable energy such as solar power.
Varela said the initiative of BOC, being the fourth largest bank in the world (according to the British magazine The Banker), presents a “tremendous opportunity” for Philippine SMEs, especially exporters.
Sergio Ortiz-Luis Jr., honorary chair of PCCI, noted that the BoC has made available $3 billion in funds for the Philippines in the wake of President Duterte’s visit to Beijing last October.
“Of course, SMEs need to pass certain standards to be able to tap such funds,” Ortiz-Luis said.
The BoC offers a six-step matchmaking service, which the bank says overturns the traditional mode for inviting investments by adopting “one-to-one” or “one-to-more” linkages.
The service includes establishing a database for enterprises, customer matchmaking, remote online matchmaking, etc.
