Ningbo introduces exclusive streamlined services for seafarer salary disbursement.

“Cross-border salary payments, overseas spending, domestic foreign exchange settlement, all handled with one card. Every month, it also saves on intermediary bank fees, giving peace of mind when working abroad.” said Zuo Xingang, a crew member of the soon-to-launch “MSC Zambezi II.” On October 30th, at the crew service hub in Beilun Free Trade Building, Ningbo Bank assisted 26 newly hired crew members of Mediterranean Shipping Company Ship Management (Ningbo) Co., Ltd. by issuing dedicated dual-currency salary cards for seafarers, delivering tailored financial services to each crew member about to set sail.

“Through the Ningbo Maritime Financial Service Platform, we have built a strong collaborative relationship with shipping companies. We also learned that seafarers' salaries are often paid in foreign currencies, involving multiple operations like cross-border transfers, overseas card payments, and domestic foreign exchange settlements, all of which generate additional fees during the process,” said Qin Shao, Deputy General Manager of the Technology Financial Department (also Retail Company Department) at Ningbo Bank. “We actively responded to the maritime department’s initiatives to serve and care for seafarers. Under the guidance and coordination of the maritime department and local port affairs departments, we have streamlined online foreign exchange settlements and end-to-end cross-border transfers, establishing service channels tailored for seafarers, ensuring that suitable financial services reach more seafarers in need.”

According to Ningbo Bank, the newly introduced dedicated facilitation services for seafarer salary payments do not consume personal annual foreign exchange quotas, allowing funds to be withdrawn, settled, and withdrawn at any time. The service eliminates fees for end-to-end cross-border transfers, ensuring that wages are received in full. Cardholding seafarers can also enjoy the benefits of the “Seafarers’ Exclusive Better Life” platform, which covers travel, accommodation, dining, shopping, and other perks during their port stays or home leave. These comprehensive service capabilities offer exclusive advantages that regular debit cards and conventional foreign currency Visa cards do not provide.

“In collaboration with the Ningbo Economic and Technical Development Zone Port Affairs Department, we actively establish communication channels to promote precise collaboration between banks and enterprises,” said Peng Xibin, Head of the Supervision Section of Ningbo Beilun Maritime Affairs Office. “Seafarers are the backbone supporting the global supply chain and the key group maintaining smooth maritime trade. We aim to serve as a bridge between shipping companies, seafarers, and financial institutions by using salary payments as an entry point.”

It is reported that the core of the Ningbo Maritime Financial Service Platform is leveraging data to empower the shipping industry, building a bridge for demand and supply between the shipping and financial sectors. This bank-enterprise service collaboration is a vivid example of the extended value of the platform, injecting a warm dynamic into Ningbo's efforts to continually optimize its business environment and shape itself as the city offering the highest satisfaction to seafarers.