FINANCE

SINGAPORE AND SHANGHAI VOW TO PROMOTE FINANCIAL COLLABORATION

THE MONETARY AUTHORITY OF SINGAPORE(MAS) and the Shanghai Municipal Financial Services Office (SFSO) held the 3rd Singapore-Shanghai Financial Forum (SSFF) on April 12 to promote financial links and collaboration between Singapore and China's Shanghai.

Nine Memorandums of Understanding (MoUs) were signed between Singapore and Shanghai's financial institutions and corporations, 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 corporations to tap into 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 banking, investment banking, loans and cross-border financing.

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

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