SIN MAS Deepening China Connectivity

On Nov. 23, SIN MAS held 2021 connectivity summit with China.

  • SIN MAS and CHI CSRC held 4th China-Singapore (Chongqing) Connectivity Financial Summit; signed ten MOUs re cross-border financial services, green finance, fintech.
  • Follows Nov. 2020, SIN MAS connectivity initiative summit with China, see #91458.
  • Initiative
  • The China-Singapore (Chongqing) Connectivity Initiative (CCI) has helped to catalyze USD3bn in multi-currency financing deals from the western region of China in 2021.
  • This amounts to over USD17bn in cross-border deals since the CCI’s inception in 2015.
  • Summit
  • Features discussions between ASEAN central bank representatives and financial sector leaders on key areas of mutual interest between western region of China and ASEAN.
  • CCI financial sub committee advisory group (CAG) will explore ways to support the development of Chongqing as the leading financial centre in the western region.
  • As well as strengthen collaboration in green finance between Chongqing, Singapore.
  • Minister for communications and information Josephine Teo highlighted the role that financial services sector can play in supporting transition towards a sustainable future.
  • Also highlighted importance of leveraging technology to facilitate trade and investments along the CCI new international land-sea trade corridor (CCI-ILSTC).
  • Speech by Ravi Menon
  • SIN MAS managing director Ravi Menon also spoke on digitalizing the CCI-ILSTC, plans to conduct a pilot to digitalize bills of lading, including the MTBL, using TradeTrust.
  • If scaling of TradeTrust is possible, banks will be able to use the electronic documents for trade financing and we can effectively eliminate the risk of fraudulent MTBLs.
  • Offered a number of suggestions for Singapore and Chongqing to work together to mobilize green financing and investments in a safe, sound, and orderly manner.
  • Including having a common understanding of what green or transition activities are, and enabling corporates to obtain cheaper financing via sustainability-linked bonds.
  • Explore innovative policy measures to facilitate qualified Chinese enterprises to issue green bonds overseas, perhaps with expedited approval by having a dedicated quota.
  • Speech by Fang Xinghai
  • CHI CSRC vice chair Fang Xinghai shared on the opening-up of China’s capital market, and on furthering the demonstration role of China-Singapore interconnection projects.
  • China plans to optimize and expand cross-border investment channels, enrich product supply and support systems for cross-border investment, facilitate risk management.
  • The SZSE and SGX ETF cooperation projects have made positive progress, and China and Singapore will actively promote the early realization of ETF interoperability.
  • The Chongqing international data channel is expected to make positive contributions to China-Singapore and China-ASEAN financial cooperation and exchanges.
  • CSRC will implement regional comprehensive economic partnership (RCEP) agreement, effective 2022, and improve level of capital market trade and investment facilitation.
  • Continue to strengthen cooperation in sustainable finance with New Zealand and ASEAN countries, and jointly formulate and improve relevant international standards.

Entity Types B/D; Bank; Corp; IA
Reference PR, Sp 11/23/2021; Fintech; ESG
Functions C-Suite; Financial; Fraud; Product Design; Reporting; Risk; Technology; Treasury
Countries Asia Regional; China; Singapore; Cross-Border
Products Banking; Corporate; ETFs; Fixed Income; Fund Mgt; Loan
Regions AP
Rule Type Guidance
Rule Date 11/23/2021
Effective Date 11/23/2021
Rule Id 122110
Linked to
Reg. Last Update 11/23/2021
Report Section International

Last substantive update on 11/24/2021