Singapore’s United Overseas Bank (UOB), Singapore Exchange (SGX), and the China Chamber of International Commerce (CCIOC) recently signed a Memorandum of Understanding to help Chinese firms to use Singapore as a launchpad to explore the ASEAN markets, Singapore Business Review reports.
The three organisations will help Chinese firms targeting the ASEAN region gain a competitive advantage in Singapore’s debt and equity capital markets. With that, Singapore hopes to be able to establish itself as a regional hub and a global financial center for foreign investors.
UOB, SGX, and CCIOC will play a vital role in providing independent advisory services to the companies on market entry and corporate activities such as debt, equity listing, and asset securitisation. In addition, they will also focus on areas including trade settlement, project financing, liquidity management, foreign exchange, and derivatives transactions — and enable Chinese enterprises to network with potential business partners across the ASEAN markets.
The signing of the MoU took place right after the second Belt and Road Initiative session held in Beijing last week. It was witnessed by Singapore Minister of Trade and Industry Chan Chun Sing and Singaporean politician Koh Poh Koon.
As part of the cooperation, the three organisations will also conduct industry events and seminars designed to promote trade activities between China and Singapore. In turn, this will help Chinese companies to access better opportunities along the China-ASEAN business corridor.