Big three banks ink MOUs with Chongqing financial institutions

It will usher in financial collaboration between the two cities.

Financial regulators from Singapore and Chongqing discussed financial collaboration at the second Singapore-China Financial Conference (SCFC) in Chongqing.

According to a Monetary Authority of Singapore (MAS) press release, the topics the SCFC discussed included infrastructure projects for the Belt and Road initiative, cross-border asset security, and risk management solutions for investments.

Three memoranda of understanding (MOU) were also signed between financial institutions in the two cities.

DBS China and Southwest Securities Co Ltd made a deal on cross-sectoral collaboration. Both will tap nationwide and regional networks to serve corporates in Chongqing and the Western region.

OCBC and Chongqing Rural Commercial Bank (CRCB) signed on a cross-border financing for small and medium enterprises (SMEs).

OCBC Wing Hang Bank (China) executive director and CEO Kng Hwee Tin said, "In May 2016, OCBC Bank entered into an inaugural agreement with CRCB to explore offshore financing and capital raising opportunities. Following this, we are happy to see today that both banks have inked the new MOU to deepen our partnership in SME cross-border financing under the CCI."

Moreover, UOB China and China Chongqing International Economic and Technical Cooperation Group Corp., Ltd. (CICET) agreed to support UOB's "going out" efforts towards Southeast Asia.

UOB China president and CEO Peter Foo said, "The CCI establishes a direct connection between China’s Western Region and Singapore. The partnership between CICET and UOBC exemplifies the growing cross-border trade activities and closer collaboration under CCI, in accordance with the vision of the Belt-and-Road initiative."

The SCFC was organised by the MAS, the Chongqing Financial Affairs Office and the Chongqing Connectivity Initiative Administrative Bureau.