Chongqing - Construction of the China-Singapore (Chongqing) International Financial Data Port is set to start in Chongqing, as announced at the China-Singapore (Chengdu-Chongqing) Fintech Forum on December 5, aiming to boost cross-border e-commerce and financial technology collaboration.
The new data port aims to create a cross-border free trade zone, develop a holistic technology infrastructure for international data services, and establish a critical cross-border data cloud in Central and Western China.
The targeted crucial industries include cross-border e-commerce, live streaming, AI-powered cloud services, and digital payment systems, attracting companies that require cross-border data functionalities to operate in this region.
Additionally, the project includes creating entry and exit points for cross-border data and financial transactions, aiming to develop a cross-border financial hub that reaches Southeast Asia.
Efforts will be made to foster innovation in cross-border service technologies, investigate the feasibility of creating a digital RMB cross-border payment settlement gateway, and develop the necessary technical standards.
China-Singapore (Chengdu-Chongqing) Fintech Forum was held in Chongqing on December 5. (Photo/CCIB)
New data port to enhance China-Singapore connectivity
Peng Zhiming, deputy director of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau (CCIB), mentioned that the China-Singapore Fintech Forum, initiated in 2020, has already supported the collaboration on dozens of projects.
The scope of this initiative has grown beyond Chongqing and Singapore, now including the Sichuan-Chongqing area. This expansion is set to bolster the development of Chengdu and Chongqing as major Western financial hubs and contribute to the growth of the Chengdu-Chongqing economic circle.
According to the forum, constructing a new data port aims to connect the China-Singapore international data channel with public cloud services. This will enable users to overcome the limitations of point-to-point data transfers, offering cloud and cross-border payment services to businesses with international data requirements.
Completion of the data port will establish a cross-border payment system, offering valuable application opportunities in China-Singapore financial technology collaborations. This is expected to further the development and openness of financial technology in China and Singapore, particularly in the Chengdu-Chongqing region, aiding in the digital advancement and modernization of the financial sector.
Recent data indicates that the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) has signed 280 government and commercial cooperation projects since its inception eight years ago, totaling USD 25.7 billion. Financial services form the core of CCI's collaborations, with 260 financial service projects implemented and valued at around USD 30.86 billion.