Containers are organized in stacks at the Yangshan Deep Water Port, part of the Shanghai Pilot Free Trade Zone in Shanghai. [Photo/VCG] 

The first online foreign exchange business registration took place on July 15, the first working day after regulations were released on further promoting the pilot reform of foreign exchange management in the China (Shanghai) Pilot Free Trade Zone, Version 4.0.

Shanghai Shengchang International Trading Co, based in the free trade zone, completed registration of foreign exchange receipts and payments business on the digital foreign exchange management platform at the Bank of China's Shanghai branch on Monday, becoming an early adopter.

The new version was issued by the Shanghai branch of the State Administration of Foreign Exchange on July 12, aiming to give new impetus to the free trade zone's pilot innovation projects.

These aim to streamline administration and delegating powers, facilitate trade and investment, develop the headquarters economy and provide offshore financial services.

Enterprises in the Shanghai FTZ can apply for administrative licensing business online, including registration of import and export enterprises and the registration of domestic individuals to participate in equity incentive plans for overseas listed companies.

According to the BOC Shanghai's branch, before the issuance of the 4.0 version, foreign exchange business registration of enterprises had to be handled at a bank branch and then submitted by the bank to the Shanghai branch of the State Administration of Foreign Exchange. 

Officials said that fortunately, the registration currently can be completed by uploading materials to the digital foreign exchange management platform, which has brought a great deal of convenience to companies.