Inaugural Singapore-Chongqing Financial Summit unlocks opportunities for regional financial and infrastructure connectivity
Chongqing, 2 November 2018… More than 500 government officials, financial sector professionals and corporate leaders from China and Southeast Asia attended the inaugural China (Chongqing)-Singapore Connectivity Initiative Financial Summit (Summit) in Chongqing, China, today. The Summit presented collaboration opportunities on cross-border financial and infrastructure connectivity between the Western Region of China and Southeast Asia.
2 The theme of the Summit was <<开放 创新 互联 共享 – 加强互联互通，全力服务“一带一路”>> (Open-Innovative-Connected-Mutual – Strengthen Financial Connectivity to support services along the Belt and Road). Participants discussed opportunities to enhance regional connectivity under the Belt and Road Initiative and the Chongqing Connectivity Initiative Southern Transport Corridor. There were also dialogues on innovative cross-border financial services as well as leveraging on FinTech for inclusive development and growth opportunities.
3 Ten Memoranda of Understanding (MOUs) were signed during the Summit, including the following:
- The Singapore FinTech Association will form an alliance with the Chongqing authorities to develop the FinTech industry in Chongqing;
- OCBC Bank, Xiaomi Inc and Hanhua Financial Holding Co will explore fintech collaboration in the areas of retail and institutional financial services in China. This collaboration will enable more than 300 million Xiaomi retail customers and business partners to have access to innovative financial services;
- Lu International and other Singapore institutional investors will collaborate with Chongqing Financial Assets Exchange to help microfinance companies issue debt overseas.
Other MOUs signed during the Summit include enhancing support for the development of the Southern Transport Corridor and in inclusive finance in the Western Region of China.
4 MAS Managing Director, Mr Ravi Menon said, “This Summit has helped to rekindle interest in connectivity between the Western Region of China and Southeast Asia, two key economic regions in Asia that have links going back centuries. The participation of leaders from the Western Region, the ASEAN central banks and financial institutions enabled a rich discussion on cross-border financial and infrastructure connectivity.”
About the Summit
The China (Chongqing)-Singapore Connectivity Initiative Financial Summit is the signature event under the Financial Services pillar of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI). The one-day Summit builds on the earlier Singapore-China (Chongqing) Financial Conferences which focused on opportunities for deeper financial collaboration between the two cities.
The Summit is co-organised by the Monetary Authority of Singapore, the Ministry of Trade and Industry’s Chongqing Connectivity Initiative Office, the China Ministry of Commerce, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the Chongqing Municipal People’s Government.
The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) is the third government-to-government collaboration project between Singapore and China. Cooperation under the CCI covers four areas: (i) financial services; (ii) aviation; (iii) transport and logistics; and (iv) information and communications technology. The vision for the Finance pillar is to promote Singapore-Chongqing connectivity and innovation in financial services to facilitate economic transformation in Western China.