SINGAPORE (April 29): United Overseas Bank Limited (UOB), Singapore Exchange Limited (SGX) and the China Chamber of International Commerce (CCOIC) have signed a Memorandum of Understanding (MoU) to help Chinese enterprises use Singapore as a launchpad to expand into ASEAN.
CCOIC is China’s national business association that aims to promote trade and collaboration between its member companies and global organisations
In a joint statement on Sunday, the three entities say their alliance builds on UOB’s existing collaboration with CCOIC2 to facilitate Chinese enterprises’ internationalisation efforts.
Under the MoU, UOB, SGX and CCOIC will help Chinese enterprises capitalise on Singapore’s debt and equity capital markets, as well as Singapore’s role as a regional treasury hub and global financing centre for foreign investments.
Each organisation will provide assistance and advisory services in relation to market entry and corporate actions such as debt and equity listing and asset securitisation.
They will also provide support in their respective areas such as trade settlement, project financing, liquidity management, foreign exchange and derivatives transactions, and connect Chinese enterprises to potential business partners across ASEAN.
The signing comes in conjunction with the second Belt and Road Forum in Beijing. It was witnessed by Chan Chun Sing, Singapore Minister for Trade and Industry (MTI), as well as Koh Poh Koon, Senior Minister of State for Trade and Industry.
“SGX’s multi-asset fundraising, investment and risk management platforms, when placed together with UOB’s financial expertise and CCOIC’s extensive network in the Chinese business community, will add value to enterprises tapping on the growth opportunities led by China’s Belt and Road and environmental initiatives,” says Loh Boon Chye, CEO of SGX.
“Chinese enterprises can also benefit from Singapore’s position as a global wealth management hub and overseas RMB centre, while leveraging our strategic location in ASEAN as a springboard into the one of the world’s fastest growing regions,” he adds.
Shares in UOB and SGX closed at $27.28 and $7.40, respectively, on Friday.