Shanghai, Singapore vow to promote financial collaborations

Shanghai Pudong Development Bank's President Liu Xinyi (4th R) and Senior Miniser of State for Singapore's Ministry of Trade and Industry Sim Ann (5th R) attend the opening ceremony of the Singapore branch of Shanghai Pudong Development Bank in Singapore on April 12, 2017. (Xinhua/Then Chih Wey)

The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Services Office (SFSO) held the 3rd Singapore-Shanghai Financial Forum (SSFF) to promote financial linkages and collaborations between Singapore and China's Shanghai on April 12, 2017.

Nine Memorandums of Understanding (MoUs) were signed between Singapore and Shanghai's financial institutions and corporates, according to the joint media release statement by MAS and SFSO.

An agreement was signed between Shanghai Pudong Development Bank and Singapore Exchange to deepen capital market cooperation and encourage more Chinese corporates to tap Singapore's capital markets.

Singapore's Oversea-Chinese Banking Corp (OCBC) and Bank of Shanghai also pledged to work closely together to extend their collaboration in areas such as trade finance, corporate and investment banking and loans and cross-border financing.

United Overseas Bank (UOB) and Nufin Data Private Limited further agreed to co-develop financial technology and data analytics solutions.

Meanwhile, Shanghai Municipal Financial Services Office will also work with Singapore in fostering multi-level and multi-dimensional cooperation, to further the development of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

Deputy Managing Director of MAS Jacqueline Loh said this edition of the SSFF takes Singapore-Shanghai financial cooperation to new heights, with entities from both sides forging agreements to work closer together.

"We will build on the strong partnership with our Shanghai counterparts to facilitate greater collaboration as we navigate the new financial world order," Loh added.

Jin Xingming, Deputy Secretary General of the Shanghai Municipal Government, said Singapore and Shanghai can deepen cooperation in the three areas of renminbi internationalization, developing the Belt and Road Initiative and strengthening FinTech capabilities in times of changing global financial world order.