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10 Major Projects Signed between Chongqing and Singaporean Financial Institutions

By YUTING CHEN|Jun 05,2024

Chongqing - On June 3, the Chongqing-Singapore Financial Cooperation Exchange Meeting was successfully held in Singapore. 

Chongqing municipal government met with 20 Singaporean financial institutions and ASEAN banks, including the Singapore Exchange, DBS Bank, UOB, Singapore Digital Securities Exchange, and Singapore's Proxtera (Trade Hub). 

Chongqing Raffles. (Photo/Zhang Kunkun)

Ten major projects were signed between Chinese and Singaporean financial institutions during the meeting, and several deals have already been initiated. 

For example, Singapore’s Proxtera (Trade Hub) and Chongqing Yumaotong Company launched their first cross-border e-commerce interaction for SMEs, enhancing the convenience of cross-border settlements.

Chongqing municipal government and the Monetary Authority of Singapore reached several important agreements, broadening the prospects for financial cooperation between Chongqing and Singapore. In terms of financial market connectivity, they will explore cross-border digital financing to support the mutual financing of specialized and innovative SMEs.

In the area of financial cooperation for the New International Land-Sea Trade Corridor (ILSTC), efforts will be made to build cross-border investment and financing channels, effectively utilize cross-border bond issuance, and Qualified Domestic Limited Partnership (QDLP) services to better serve the development of the real economy. 

The cooperation will also optimize trade finance services along the corridor, accelerate the construction of a digital financial service platform for cross-border e-commerce, and improve the efficiency of cross-border payments and settlements. Furthermore, the functionality of logistics document financing will be enhanced, promoting the mutual recognition of multimodal transport and railway transport documents across regions and institutions along the corridor.

Regarding financial services for Chongqing enterprises "Going Abroad," Chongqing and Singapore will strengthen collaboration between Chinese and foreign financial institutions within the ILSTC Financial Services Consortium framework. 

This aims to address challenges such as difficulties in overseas project financing and high thresholds for automotive consumer financing. The joint effort will provide comprehensive cross-regional financial services for companies like Changan Automobile, Seres, and Shineray Automobile, supporting businesses from Chongqing, Western China, and Southeast Asia.

For instance, UOB has partnered with Changan Automobile to offer financial support for its Southeast Asian operations, including automotive finance and regional financing. 

Additionally, UOB has collaborated with Chongqing Foreign Trade and Economic Cooperation Group to establish an offshore trade and settlement center in Singapore, providing foreign exchange management and fund operation services.

The successful hosting of this meeting and the signing of key financial cooperation projects are set to advance Chongqing-Singapore's financial cooperation significantly, fostering economic development and prosperity in both regions.


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