Standard Chartered (China) and Shanghai-based Huifu have signed an MOU to deliver high-quality digital payment services for cross-border e-commerce enterprises using Hong Kong’s key hub position, both sides announced in Hong Kong.

Under the agreement, Standard Chartered (China) will provide comprehensive financial services to Huifu, which serves cross-border e-commerce companies like SHEIN to expand into ASEAN, the Middle East, and the Belt and Road markets.

The overall import and export of cross-border e-commerce in China reached 2.38 trillion yuan (US$330.5 billion) in 2023, which was a jump of 15.6 percent.

Standard Chartered operates in 53 of the world’s most dynamic markets and serves clients in 64 countries and regions. It shares almost 75 percent of its worldwide footprint with the Belt and Road markets.