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Wednesday, December 19th, 2018

Shanghai and Singapore set to strengthen financial linkages

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by November 27, 2018 Politics

Shanghai, 27 November 2018 The Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Regulatory Bureau (SFRB)1 announced today key areas for closer financial cooperation between Singapore and Shanghai. These areas include financing Belt and Road Initiative projects, facilitating international investments into China’s capital markets, and creating an ecosystem for collaboration between financial institutions and FinTech firms.

2 Ms Jacqueline Loh, Deputy Managing Director, MAS, and Dr Zheng Yang, Director General, SFRB, outlined these areas at the 4th Shanghai-Singapore Financial Forum (SSFF) held in Shanghai today.

3 Under the theme, China Expands Financial Opening and Greater Shanghai-Singapore Financial Cooperation, participants at the Forum discussed ways to deepen financial linkages between the two cities, tapping on China’s financial opening and reforms. More than 200 participants from Shanghai and Singapore attended the SSFF.

4 The SSFF concludes a landmark year for financial cooperation between China and Singapore. 2018 saw multiple high-level exchanges and milestone agreements reached, and marks a culmination of strong and consistent efforts by both countries to broaden and deepen financial cooperation over the years. Please see infographic in Annex A.

5 Ms Loh said, The strengthening of financial collaboration between Singapore and Shanghai is the latest milestone in the significant expansion in financial cooperation between China and Singapore over the past five years. We began with cooperation in RMB internationalisation and supervisory exchanges, progressed to financial markets connectivity, and are now working together on FinTech and financing the Belt and Road Initiative. These initiatives provide strong support to the growing economic and financial linkages between China and Southeast Asia.

6 Dr Zheng said, The relationship between China and Singapore has become closer over the past few years, following Chinese President Xi Jinping’s and Premier Li Keqiang’s official visits to Singapore in November 2015 and November 2018 respectively. Financial cooperation between Shanghai and Singapore achieved many fruitful outcomes with greater economic and trade linkages between China and Singapore. We hope to leverage on opportunities arising from the Belt and Road Initiative and FinTech developments to continually upgrade and strengthen financial cooperation between Shanghai and Singapore.

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About the Shanghai-Singapore Financial Forum (SSFF)

The SSFF is an annual forum that brings together industry participants from Shanghai and Singapore to discuss pertinent market developments and explore financial collaboration opportunities. It is co-organised by the Shanghai Municipal Financial Regulatory Bureau and the Monetary Authority of Singapore.

1 Previously Shanghai Municipal Financial Services Office

Source: Monetary Authority of Singapore

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