United Overseas Bank Limited (UOB), Singapore Exchange Limited (SGX) and the China Chamber of International Commerce (CCOIC) have announced today that they have signed a MOU.
The alliance has been made in order to help Chinese enterprises use Singapore as a launchpad to expand into ASEAN.
LeapRate reminds that SGX has already strengthened ties with China last year, signing two MoUs with with Zhejiang (S) Entrepreneurs Association (ZJEA) and China Futures Association (CFA).
Last year, UOB helped 50% more Chinese companies expand into ASEAN compared with 2017, thus 31% increase in cross-border business flows over the same period.
More than 180,000 Chinese enterprises under CCOIC can now benefit from UOB’s banking expertise and integrated ASEAN network, as well as from SGX’s trusted capital market infrastructure and deep liquidity to venture into Singapore and Southeast Asia.
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, commented:
UOB is committed to providing companies the connectivity they need for their business expansion across Asia. For enterprises seeking opportunities in ASEAN, we have been helping them navigate market complexities and offering financial and business support through our integrated network, strong knowledge of and experience in the local markets and our ecosystem of strategic partners. With the new MOU, the combined expertise and strengths of UOB, CCOIC and SGX will help enable the success of more companies in the region.
Mr Loh Boon Chye, Chief Executive Officer, SGX, said:
SGX is excited to partner UOB and CCOIC to support more Chinese enterprises looking to expand globally. SGX’s multi-asset fundraising, investment and risk management platforms, when placed together with UOB’s financial expertise and CCOIC’s extensive network in the Chinese business community, will add value to enterprises tapping on the growth opportunities led by China’s Belt and Road and environmental initiatives. Chinese enterprises can also benefit from Singapore’s position as a global wealth management hub and overseas RMB centre, while leveraging our strategic location in ASEAN as a springboard into the one of the world’s fastest growing regions.
Mr Yu Jianlong, Secretary General of CCOIC, concluded:
CCOIC has been actively working with international organisations to facilitate the overseas expansion of Chinese enterprises. We are pleased to form an alliance with two of Singapore’s leading financial institutions – SGX and UOB – to help Chinese enterprises access the country’s established financial market and stable business environment as a gateway for their ASEAN expansion. Together, we will contribute to the strengthening of bilateral economic and trade relations and growing connectivity across the region.
As part of the MOU, UOB, SGX and CCOIC will also cooperate through industry events and seminars to promote trade and investment between China and Singapore and to help more companies explore opportunities along the China-ASEAN business corridor.