I. Description Commercial draft discounting (through agent) refers to the bearer (draft owner) authorizing a prior endorser with direct trading relationship to apply for commercial draft discounting at ICBC discounting acceptance institution on its behalf.
II. Target Customers Enterprises in pursuit of financing facilities and holding acceptance drafts of ICBC and commercial acceptance drafts issued by customers with commercial acceptance draft partnership with ICBC.
III. Features and Advantages i. Commercial draft discounting (through agent) can meet the enterprises’ diversified financing needs with commercial drafts; ii. Commercial draft discounting relationships (through agent) are established for the purpose of reducing corporate discounting cost, improving financing and capital turnover efficiency, and stabilizing and expanding ICBC’s high-quality customers. iii. It helps an enterprise eliminate the loss or destruction risk of bills, maintain the asset safety, recoup funds quickly, and improve the asset liquidity.
IV. Conditions i. For paper commercial draft discounting business, the original of the contract (or effective electronic trade contract) signed by and between the client and agent, and originals of added-value tax or ordinary invoices issued according to relevant taxation systems. ii. A power of attorney by the agent’s legal representative, the original and a photocopy of the identification cards of the agent’s legal representative and the handler; iii. The original and a photocopy of Tripartite Partnership Agreement between the client, the agent and the discounting bank; iv. The original and a photocopy of the Power of Attorney for Agent-based Discount (not required if specific provisions are given in the Tripartite Partnership Agreement); v. The original of the commercial draft (endorsed by the agent); vi. Refer to the Commercial Draft Discounting for further details.
Note: The information on the page is for reference only. Specific businesses are subject to announcements and regulations of local outlets.