Financial institutions

Hundreds of local financial institutions hit the restart button

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Bank of Shanghai, the city’s largest repo-issuing bank, said its outlet in Chongming resumed in-person operations on Wednesday and saw strong demand for cash withdrawals, wealth management and money transfers.

The first batch of financial institutions, 864 in total, were allowed to resume operations on Wednesday as the city’s COVID-19 situation improves, local authorities said.

Financial market organizations like the Shanghai Stock Exchange, domestic and foreign banks, asset managers, securities brokers, insurance companies, payment service providers and fintech companies are part of those on a “whitelist” who are expected to restart operations, according to documents on the Shanghai Financial Regulatory Bureau’s official website.

These whitelists will be published “in principle” on a weekly basis, and industry players operating under closed-loop management will be given priority, the local watchdog said.

Applications to take over sub-branches and business departments of banks, insurers and securities firms should be submitted to financial regulators in the districts where they operate, the notice said.

China UnionPay, a coalition of banking operators and the country’s largest card payment organizations, said it was working on plans to resume operations after receiving approval.

Shanghai Huarui Bank, the city’s top private bank, said it was drawing up the list of personnel to return to work and preparing the logistical materials needed for full business resumption while communicating with relevant financial regulators on the matter. .

Standard Chartered China said it was actively preparing to restart operations in the city.

From Wednesday, the sales outlets of the Shanghai branch of the Industrial and Commercial Bank of China opened their doors to residents of the suburban districts of Jinshan and Chongming.

On the same day, Bank of Shanghai, the city’s largest repo-issuing bank, said its outlet in Chongming had resumed in-person operations and had seen high demand for cash withdrawals, wealth and money transfers.