Chongqing- Representatives from financial institutions and enterprises in Southwest China's Chongqing Municipality and Singapore participated in a forum on fintech on November 24 in Chongqing.

China-Singapore (Chongqing) Fintech Forum is held in southwestern China's Chongqing Municipality on November 24, 2021. (iChongqing/ Chen Yuling)

At the China-Singapore (Chongqing) Fintech Forum, they discussed fintech cooperation between Chongqing and Singapore as well as opportunities for the development of western China and the Association of Southeast Asian Nations (ASEAN).

What are the complementary advantages and directions of cooperation between Chongqing and Singapore in the development of financial technology? What are the new opportunities for fintech companies in China-ASEAN economic and trade cooperation? The participants agreed on the fintech cooperation between Chongqing and Singapore being extensive and promising. They discussed new trends and opportunities of technology-empowered traditional banking,  intelligent management and control of financial risks, and cross-border data integration and application.

The successful forum will boost the opening up and development of the financial technology industry in Chongqing and facilitate the construction of an international financial center in inland and western China by strengthening China-Singapore financial technology cooperation and exchanges, according to Peng Zhiming, a member of the party leadership group and deputy director of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity Administrative Bureau.

Chongqing has been approved to carry out pilot policies such as financial technology application and financial technology innovation supervision in recent years. The national financial technology certification center has been successfully established.

Since 2015, the Chongqing Connectivity Initiative has achieved fruitful results, especially in the financial sector, with cross-border financing worth more than 17 billion U.S. dollars. Moreover, 14 institutions have been established in both countries, which has promoted a series of pioneering cross-border businesses set up in Chongqing.