A new cross-border financial service platform was launched on Tuesday in Qingdao, Shandong province, aiming to build China's first financial service system for member states of the Shanghai Cooperation Organization and countries involved in the Belt and Road Initiative.

The platform, named "Financial Supermarket" and based at the China-SCO Local Economic and Trade Cooperation Demonstration Area (SCODA), focuses on cross-border settlement and trade financing.

Tan Dexue, general manager of the platform's operator in Qingdao, said the system provides online virtual account services for cross-border settlement, allowing small and medium-sized enterprises to open accounts without visiting banks in person. After submitting the required documents through the platform, businesses can complete the account-opening process in as little as 10 minutes.

In trade financing, Tan said, the platform seeks to address common challenges in cross-border trade among SCO countries, including long payment cycles, foreign exchange shortages, and insufficient collateral, which often drive up financing costs for companies.

To strengthen its services, the platform has established four service bases in Shenzhen, Xi'an, Hong Kong, and Shanghai, as well as international financial service centers in Almaty, Kazakhstan, and Moscow, Russia. Working with 24 banks in SCO member countries to provide localized services, the platform aims to build an integrated service network linking Qingdao-based research and development, nationwide support, and international expansion, Tan added.

Lin Changhua, deputy director of the administrative committee of SCODA, said the area will continue to implement targeted financial support policies and work with banks and foreign trade enterprises to build a new cross-border settlement platform for SCO countries.