I. Product Overview
Custody services for national social security fund refer to the financial services provided by ICBC, entrusted by the National Council for Social Security Fund (hereinafter referred to as the “Social Security Fund Council”), including providing safe custody service for national social security fund assets, performing supervisory obligations and conducting investment management performance evaluation. 
National social security fund (hereinafter referred to as the “social security fund”) is the centralized national strategic reserve fund of the Central Government, which consists of the funds appropriated from the Central Government, funds and equity assets derived from reduction or conversion of state-owned shares, funds raised in other ways as approved by the State Council and related return on investment. The introduction of custody mechanism contributes to the improvement of operational management mechanism for the social security fund, sharing of comparative advantages of banking sector in professional custody service and steady development of the social security fund.

II. Target Customers
National Council for Social Security Fund

III. Scope of Services
1.Asset custody: Set separate accounts for independent safekeeping, to ensure the safety, independence and integrity of the social security fund.
2.Capital clearing: Handle the clearing of the social security fund and delivery & collection of securities according to relevant contracts and transaction instructions.
3.Asset valuation and accounting: Conduct accounting and valuation for the social security fund assets, and review, check and identify the results calculated by the social security fund investment managers.
4.Investment supervision: Supervise the investment and operation of the social security fund assets according to relevant national laws and regulations as well as custody contracts. Promptly notify the investment managers to make adjustments when problems are discovered; if they fail to make adjustments within the prescribed time limit, ICBC shall promptly report to the regulatory authorities.
5.Information disclosure: Submit the statements or reports on custody service for the social security fund assets on a regular basis, as required by the regulator and Social Security Fund Council.
6.Safekeeping of information: Keep written documents, investment instructions, transaction records, accounting documents, back-up data, accounting statements and other information related to the transfer of information between the Social Security Fund Council and the investment manager in accordance with laws and regulations and policies.
7.Value-added service: Provide various value-added services such as performance evaluation and bond default warning according to the needs of the Social Security Fund Council.

IV. Product Advantages
1.Fully licensed pension custody business
In December 2001, ICBC started to provide custody service for social security fund under the approval of the People’s Bank of China, including custody service for national social security fund and other social security funds. Currently, ICBC has formally provided custody service for national social security fund and pension insurance fund (personal account) for workers in some provinces and cities, thus accumulating abundant experience in social security fund custody. As the largest custodian bank of enterprise annuity fund in China, ICBC was among the first to obtain the qualification for custody service for enterprise annuity fund issued by the Ministry of Human Resources and Social Security in August 2005. It became the custodian bank of the national social security fund in 2007, and of the pension fund in November 2016. Therefore the Bank has accumulated rich experience in pension custody service.
ICBC is one of the few commercial banks that is fully licensed to provide custody services for the four major funds, namely the national social security fund, the pension fund, the enterprise annuity fund, and the occupational annuity fund. The Bank is a trustworthy pension custodian bank with strong brand advantages and industry influence.
2.Professional custody service team for the social security fund
The Asset Custody Department of ICBC has established a specialized custody service team, to timely meet the requirements for custody services for the social security fund. By virtue of quick response, the team can propose solutions in a fast manner to provide the social security fund with efficient and accurate custody services.
3.Leading custody service system in the market
ICBC is the only custodian bank in Chinese mainland that constantly adheres to independent R&D of custody business systems and has always attached great importance to the input of information technology into the custody business. In recent years, the science and technology R&D investment in the custody business line has been increasing at a rate of about 10% every year. With the support of the system, a number of custody business processing procedures by ICBC have become industry standards and the Bank won the annual Banking Technological Development Award from PBC for multiple times. The ecological construction project of intelligent banking (ECOS) that was released in 2019 and of which the intelligent custody system is an important part, was awarded the only Special Award for 2020 Fintech Development of PBC. In March 2021, ICBC released ICBC Intelligent Custody System, opening the 2.0 era of building custody system in the domestic asset management industry, comprehensively improving ICBC’s comprehensive custodian service capability through 5 platforms and 3 levels driven by science and technology.
4.All-around investment supervision
In accordance with laws and regulations as well as contractual requirements, ICBC carries out a whole-process supervision of investment before, during and after the transaction. Ex-ante supervision is made by the signing of agreements and procedure control before the transaction; in-event supervision is made by reviewing the instructions that can be effectively controlled one by one; ex-post supervision is made for the instructions that have already come into effect after the transaction has been confirmed and valued, to safeguard the interests of funds.
5.The most secure business disaster recovery system among peers
ICBC has a complete business disaster recovery management and information system emergency response mechanism, with a combination of “at-home processing” and “off-site switching” emergency response programs that are ahead of its peers and comparable to those of major international custodian banks. This has enabled the Bank to successfully cope with the severe tests brought about by the flooding in Henan Province and the control of epidemics in Shenzhen, Shanghai, Beijing and other regions, and to ensure the continuity and security of its custody services through science and technology.
6.The most awarded custodian bank in China
Since 2004, ICBC has won 102 custodian bank awards selected by authoritative financial media at home and abroad, such as the Asian Banker, Global Custodian, Securities Times, Shanghai Securities News, making it the most honored domestic custodian bank, which fully reflects how ICBC is praised by customers, industry experts and authoritative institutions in custodian business.

V. Contact Information
Social Security Fund Division of Asset Custody Department under the Head Office of ICBC:
Contact: Zhao Yan
Tel.: (8610) 66105524
E-MAIL: zhaoyan.zctg@icbc.com.cn