BEIJING, July 20 -- Ningxia SRP Group and Bank of China Ningxia Branch have signed a strategic cooperation agreement to develop Sino-Arab cross border e-commerce in the Ningxia Hui Autonomous Region.

According to the agreement, Ningxia SRP Group is committed to providing financial services for domestic e-commerce trade while Dubai International Financial Center (DIFC) will serve for merchants and consumers outside China.

Bank of China Ningxia Branch will be responsible for overseas RMB payment, real-time currency exchanges and reducing exchange rate risks and settlement costs.

The agreement aims at adding a new channel for Sino-Arab cross border trade and hails Ningxia as the new start of Sino-Arab e-commerce cooperation.