MOUs for financial collaboration
NINE MEMORANDA of understanding were signed on Tuesday by Singapore and Shanghai financial institutions to deepen cooperation.
The Singapore Exchange and the Shanghai Pudong Development Bank (SPDB) agreed to help raise the bourse’s profile as a fundraising platform for Chinese firms.
OCBC inked two agreements.
One was with the Bank of Shanghai to collaborate to enhance services for mutual clients, while the other was with SIIC Trade Group to be the state-owned enterprise’s main bank.
UOB will support Shanghai construction firm SUCG International Engineering in regional expansion, and bring Singapore fintech firm Nufin Data to China.
These MoUs were signed at the third Singapore-Shanghai Financial Forum, held at the Marina Mandarin hotel.
The two cities are important financial centres with plenty of opportunities to learn and cooperate, speakers at the forum agreed.
Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore, hopes Singapore and Shanghai can explore creating financial servic?es tools to facilitate greater capital flow into China as the country works on mar?ket liberalisation.
Gopi Mirchandani, chief executive of Singapore asset management firm NN Investment Partners, said she’s eyeing Shanghai as the company’s next hub.
But the control of capital outflow can be further loosened to allow foreign asset managers to better serve domestic investors, she said.
