BOC bullish on financial literacy campaign

Nationwide efforts promote initiatives for customer service

In a move aimed at promoting financial literacy and reinforcing customer service, Bank of China recently launched a nationwide campaign focused on payment convenience and risk mitigation. Its goal is to raise awareness and ensure a safe and seamless user payment experience while fulfilling the bank’s commitment to providing practical solutions and facilitating payment services.

Leveraging its extensive global service network, BOC is dedicated to spurring high-quality growth and promoting further international collaboration. By delivering on its commitment to provide outstanding services to worldwide customers, the bank continues to set itself apart in the rapidly changing global economy.

As part of the nationwide campaign, BOC branches have leveraged major international events to enhance their outreach efforts. For example, the Guangdong branch took part in the 136th China Import and Export Fair, offering a suite of 38 financial services designed to educate foreign merchants on payment convenience and digital renminbi, thereby improving payment services for both domestic and international clients.

At the 18th Shenzhen International Finance Expo, the Shenzhen BOC branch introduced “digital-human” payment facilitation measures and hosted a financial knowledge quiz, covering such crucial topics as illegal fundraising, telecom fraud and personal information protection. The Shenzhen branch has also launched an innovative “expert in safeguarding consumer rights” challenge to boost financial literacy among the public. By concentrating on critical locations such as airports and entry points, the bank aims to continuously elevate its payment service standards, ensuring the public receives efficient and convenient financial services.

In another initiative, the Shanghai branch utilized the seventh China International Import Expo to promote payment convenience and risk mitigation through posting related slogans on around 4,000 taxis. The branch also distributed the BOC payment service guide for overseas guests inside the taxis, providing valuable tips to international merchants.

Meanwhile, the BOC Hebei branch has introduced the province’s first airport self-service foreign currency exchange machine in the Terminal 2 of Shijiazhuang Zhengding International Airport. It supports eight languages and accepts a variety of documents, including resident ID cards, passports, and residence and travel permits for Hong Kong, Macao and Taiwan residents, operating 24/7 to cater to diverse small-scale currency exchange needs.

In Yunnan, the BOC branch has expanded its operations in strategic regions bordering Jiegao Port on the China-Myanmar border and Hekou Port to help local merchants adopt multiple payment methods such as foreign cards, mobile payments and cash. Additionally, the branch has distributed bilingual payment manuals to foreign visitors and provides guidance on convenient payment settlements, ensuring international visitors can navigate payment processes without hassle. In Anhui, the BOC branch has established payment service consultation desks and tourism exchange service demonstration areas for foreign visitors at airports, shopping districts and tourist attractions. With a focus on forex convenience, the branch has adapted systems for permanent residence permits, streamlined short-term visa account opening processes, and launched a “foreign individual salary purchase forex zone” on its mobile banking app.

Many other BOC branches have promoted financial education by enhancing cultural exchanges. They have combined financial education activities with the practice of traditional Chinese culture to continuously expand the reach and coverage of financial knowledge, consolidate publicity efforts and effectively improve the financial literacy of consumers.

During the finals of the China Dragon Boat Open, the Fujian branch distributed coin purses to spectators from all over the country, provided on-site education on convenient payments and interacted with the public to explain fraud prevention procedures. The Zhejiang branch took advantage of the 2024 Huzhou Marathon to explain and promote cross-border services and mobile payments to 30 international participants and approximately 15,000 runners from across the country, while the Jiangxi branch utilized the Tour of Poyang Lake, an international cycling race, to offer coin purse exchange services and foreign currency exchange services to domestic and international tourists.

BOC has also leveraged the synergies within its group to improve the efficiency and quality of financial education. Aligned with the national campaign, institutions such as BOC-Samsung Life, BOC Insurance and BOC Fullerton Community Bank provide differentiated financial education activities aimed at serving communities and rural areas with a focus on promoting payment service convenience to key demographics, including the elderly.

At the 10th China International Silver Industry Exhibition held in Guangzhou in mid-November, BOC-Samsung Life and BOC Insurance launched the “happy Yangcheng 2024 silver-hair market” initiative, focusing on lifestyle needs of the elderly. The event addressed key areas such as food, housing and transportation, while also promoting knowledge on diverse payment services to create a more senior-friendly payment environment.

In a related effort, BOC Fullerton set up a promotional booth in Yongxing town, a historical revolutionary area in Sichuan province, to enhance financial literacy among rural residents. The booth offered face-to-face guidance on crucial issues like bank card payment security, password protection and telecom fraud.

BOC will continue to enhance payment convenience and security while significantly boosting financial literacy. BOC officials said the bank will remain steadfastly committed to serving the public while upholding its mission as a major State-owned financial institution. Moving forward, it will work to streamline payment services, explore new financial education methods and provide safer, more professional services, contributing to a harmonious and stable financial environment.

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