Introduction of foreign financial institutions

A foreign-funded financial institution refers to a branch of a foreign financial institution engaged in financial business established in China, a wholly foreign-owned financial institution with legal personality in China, and a Sino-foreign joint venture financial institution. At present, foreign financial institutions established in China include foreign banks, foreign financial companies and foreign insurance companies. A foreign financial institution applying for the establishment of a foreign-funded financial institution must have a certain scale of total assets, and its host country must have strict financial supervision and set up a representative office in China for more than two years. To establish a foreign-funded financial institution, an application shall be filed in accordance with relevant laws and regulations and submitted to the competent financial department of the state for approval.