Chinanews, Beijing, Oct. 13 – Bank of Beijing announced on Wednesday that it had obtained the license board as a Qualified Domestic Investing Institution (QDII), which enables it to launch money management services for its depositors in the overseas market. BOB has thus become the 15th bank in China, or the first city bank, that can offer money management services in the overseas market.

 

At present, BOB is preparing to apply to the State Administration of Foreign Exchange for the investment quota. It has also started to do related preparation work for the launch of money management service products in future.

 

Recently, Chinese government has speeded up the process for issuing QDII license board for banks. So far, 10 domestic banks, 5 foreign banks and 1 fund management firm have obtained the QDII license board, their investment quota totaling 11.1 billion US dollars.