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Singapore to help develop fintech industry in China’s Chongqing

Ravi Menon, managing director, Monetary Authority of Singapore

The Singapore FinTech Association has signed an agreement with Chongqing authorities to develop the fintech industry in the region.

The Memorandum of Understanding (MoU) was signed at the China (Chongqing)-Singapore Connectivity Initiative Financial Summit held recently.

“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,” said Ravi Menon, managing director, Monetary Authority of Singapore. “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.”

In another deal, OCBC Bank, Xiaomi Inc and Hanhua Financial Holding Co agreed to explore fintech collaboration in the areas of retail and institutional financial services in China. Also, Lu International said it 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 (STC) and in inclusive finance in the Western Region of China.

“STC can potentially shorten to one week the time it takes to transport goods between China and ASEAN, compared to 2-3 weeks using other routes,” said Menon. “A successful STC will provide a further boost to increase trade and investment activities between the two regions.”

He added that Chongqing and Singapore can work together to apply fintech solutions to make the STC hassle free, safe, and cost efficient for all stakeholders.

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.

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