On July 29, 2019, a delegation of California political elites headed by US. Federal Representative Mark Takano went to China for a 10-day official visit. Both sides exchanged views on China-US relation, economic and trade issues, and cooperation between California and China. California team also includes US Representatives, California city mayors and other US elected officials and trade representatives. CB International Bank LLC (CBiBank) was invited to attend as a member of US delegation.
As a member of the delegation, Sam (Siyuan) Su, Chairman of CBiBank, said: “CBiBank is a wholly-owned by China Binary New Fintech Group. China Binary Group (HKEX 08255) has been engaged in digital product distribution and third-party online payment services for more than 10 years since its establishment. Qiandaibao, a third-party payment company that was founded by the group, mainly provides mobile-based receipt and payment services for small and micro businesses. The daily flow of Qiandaibao is 300 million RMB on average, and it was successfully acquired by Meituan with billions of Chinese yuan. In 2018, the group realized strategic upgrade and expanded to overseas markets, aiming to provide more convenient, smooth, diversified and secure international financial services to more investors, consumers and small and micro enterprises in the world by building a FinTech ecological chain that is based on technology and future. The business cooperation between the United States and China is the cornerstone of the relationship between two countries. As part of it, we will continue to play an important role in the China-US financial and economic cooperation."
As we know, China Binary New Fintech Group is involved in a number of new FinTech businesses. In addition to international banking services, overseas asset management services are also included. CBI TRUST LIMITED (NZBN: 9429047248380) is a New Zealand subsidiary of the Binary Group, which holds a New Zealand trust license and is regulated by the New Zealand government. The main business includes international wealth trusts for businesses and individuals, family international trusts and trust structures tailored to customer needs.
The economy of China is rapidly developed. The wealth of Chinese people is also rapidly grown, and the number of high-net-worth people will soon exceed 2 million. In this situation, to achieve asset value-added and diversified cross-border investment are an urgent need for high-net-worth people in China. CBiTrust has built a low-threshold, high-yield pure overseas financial product for the individuals (CBHYX) and employee benefit planning product for global Chinese companies (CBEBX). These two financial products can meet Chinese customers’ different needs for overseas asset management from both corporate and personal levels.
This year is the 9th time that the California political elites delegation visited China. Cultural exchanges, delegation visits and other activities can promote the friendly exchanges between the United States and China and positively impact the economic and cultural cooperation.
The California political elites delegation will visit Beijing, Shanghai, Hangzhou, Chongqing, Chengdu and other places, and will hold talks with the vice chairman of the National People's Congress Foreign Affairs Committee, the vice minister of the Ministry of Foreign Affairs, and the provincial and municipal government officials. They will also visit the major cultural and historical attractions of all the cities, including the Forbidden City, the Great Wall, the West Lake, the Hangzhou Botanical Garden, the Chongqing Great Hall of the People, and the photo exhibition for 40th anniversary of China-US establishing diplomatic relations to experience the 5 thousand years of Chinese culture.