SG-Chongqing financial connectivity brings $4.1b in multi-currency deals

Their financial connection has strengthened over the past year despite the pandemic.

During the opening ceremony of the fourth China-Singapore Connectivity Financial Summit held on 23 November, it was revealed the Chongqing Connectivity Initiative (CCI) has helped to catalyse approximately $4.1b (US$3b) in multi-currency financing deals from the Western Region this year, amounting to over $23.2b (US$17b) in cross-border deals since its inception in 2015.

Minister for Communications and Information Josephine Teo highlighted the role the financial services sector play in meeting recent economic challenges and in supporting the transition towards a more sustainable future. She also highlighted the importance of leveraging technology to facilitate trade and investments along the CCI New International Land-Sea Trade Corridor (CCI-ILSTC), which connects Southeast Asia and Western China.

Ten memoranda of understanding between Singapore and Chongqing corporates and institutions relating to cross-border financial services cooperation, green finance and fintech were also inked during the Summit.

($1 = US$0.73)