Huarui Bank, Shanghai's first private bank registered in the city's free trade zone, aims to serve private small and medium-sized enterprises. [Photo/Pudong Times]

Huarui Bank, Shanghai's first private bank registered in the city's free trade zone, aims to serve private small and medium-sized enterprises (SMEs) and help them to go global, Pudong Times reported on Sept 20.

As a newly opened private bank, Huarui is pushing to help private SMEs because of its unique insight compared to bigger banks.

The bank discovered that many private SMEs which are not qualified clients for big banks also want to enjoy the FTZ's convenience in trading, investment and financing. Therefore, it developed a one-stop financial service product for SMEs, helping them deal with company registration, free trade account opening, as well as cross-border remittance.

In addition, two new financial products are on the way. One is to offer financial services to futures firms and bulk commodity trading platforms. The other is to build online supply chain finance, which allows loan applications, approvals, granting, and repayments to be handled online.

Wu Wenxing, vice president of the bank, said that Hairui will do more to better serve private enterprises.