The Hainan Free Trade Port's multi-functional free trade accounts (EF accounts) have achieved steady expansion and efficient operation as the port advances its development, according to the Hainan branch of the People's Bank of China.

Statistics show that by the end of 2025, a total of 11 banks in Hainan had launched EF account services, with 810 accounts opened. Total transactions reached 350.9 billion yuan (about $49.3 billion). Account holders conducted cross-border fund transfers with 91 countries and regions, including Singapore and China's Hong Kong.

As a key financial infrastructure supporting cross-border capital flows, EF accounts have gained rapid market acceptance since their launch in May 2024. Featuring integrated domestic and foreign currency management, simplified procedures, and diversified application scenarios, the accounts have seen sustained growth in both numbers and transaction volumes.

Financial institutions in Hainan have actively promoted EF account services. For example, China CITIC Bank's Haikou branch has opened more than 200 EF accounts, with transaction value exceeding 84 billion yuan, while China Construction Bank's Hainan branch has opened 150 accounts and provided integrated cross-border financial services for multinational enterprises.

Businesses said EF accounts have significantly improved cross-border transaction efficiency and enabled them to better allocate financial resources across domestic and international markets, supporting their global operations.

With the launch of special customs operations across the island, EF accounts are expected to further expand service functions and enhance financial support, providing sustained momentum for the Hainan Free Trade Port's high-level opening-up.