UOB inks deals to boost Singapore-China links

It was signed on the back of strong trade and investment flows.

UOB signed two Memoranda of Understanding (MOUs) aimed at boosting cross-border opportunities between Singapore and China.

The deals include one with Shanghai-based infrastructure construction company SUCG International Engineering Co. Ltd. (SUCGI), a wholly-owned subsidiary of Shanghai Tunnel Engineering Co., Ltd., and another with Nufin Data Private Limited, a Singapore-based financial technology (FinTech) firm wholly-owned by JK Tech Group.

The agreements were signed on the back of the strong trade and investment flows between China and Southeast Asia, which are targeted to reach US$1t and US$150b respectively by 2020.

Under the first MOU, UOB (China) will support SUCGI’s expansion in Singapore and other Southeast Asian countries by providing a comprehensive suite of in-market and cross-border banking products and services. SUCGI’s parent company, Shanghai Tunnel Engineering, has been building underground tunnels for Singapore’s Mass Rapid Transit system since 1996.

Under the second MOU, UOB (China) will support Nufin Data Private Limited’s entry into the China market by helping Nufin Data introduce Nemo, a cloud-based supply chain financing solution, to the Bank’s medium- to large-sized corporate clients.

Through Nemo, companies can digitise and automate their accounts payable and receivable processes, reducing the time they take from weeks to only a few days. This will enable them to manage accounts reconciliation with their vendors and distributors more efficiently.

This MOU is also part of the collaboration between UOB Group and JK Tech Group that will improve the application process for supply chain financing. As clients’ Nemo accounts will be connected to their UOB account, they and their suppliers will be able to apply for financing with a click of a button.