Financial connectivity between Singapore and Chongqing grows despite disruptions from COVID-19

Singapore, 23 November 2020… Singapore and Chongqing co-organised the 3rd Singapore-China (Chongqing) Connectivity Initiative (CCI) Financial Summit. Speaking virtually at the opening ceremony today, Mrs Josephine Teo, Minister for Manpower, Singapore, highlighted that Singapore and Chongqing could jointly facilitate closer cooperation between ASEAN and Western China to strengthen the economic relationship with greater financial connectivity and trade through a digitalised CCI New International Land-Sea Trade Corridor (CCI-ILSTC). This would enhance the resilience of our supply chains and support further economic growth and recovery from COVID-19.

  1.     The theme of this year’s CCI Financial Summit is Enhancing Financial Connectivity, Contributing to and Sharing Benefits of the New International Land Sea Trade Corridor (CCI-ILSTC). [1] Keynote remarks were also delivered by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), and by ASEAN Deputy Governors. Financial institutions and corporates from ASEAN participated virtually, alongside Chinese regulators and financial institutions in the Western Region of China in Chongqing.  Panel sessions on the second day of the Summit will discuss key areas of common interest such as cross-border financing, green and sustainable finance, and financial technology. Mr Menon in his remarks proposed to make the CCI-ILSTC trade route between China and ASEAN fully digitalised end-to-end, and to be the first of its kind in the world. This would make trade flows and financing smoother, cheaper and faster between both regions, and create opportunities to tap on FinTechs from China and ASEAN for innovative solutions to build this digital trade corridor.
  2.     Mr Menon and Mayor Tang also witnessed a virtual signing of six MOUs on cross-border financial services cooperation, financial technology and  talent training and exchanges between Chongqing and Singapore corporates (please see Annex A). In addition, the CCI Financial Sub-Committee Advisory Group (CAG), which comprises financial leaders from Singapore and China, will hold its inaugural meeting tomorrow to explore ways to deepen financial services cooperation between Singapore and Chongqing (please see Annex B).

 

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About the Summit
The China – Singapore (Chongqing) 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 theme of this year’s Summit is Deepening Financial Connectivity and Promoting the New International Land Sea Trade Corridor (ILSTC). The two-day Summit focuses on opportunities to deepen 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 Chongqing Municipal People’s Government, the Chongqing Financial Regulatory Bureau, China Ministry of Commerce, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission.

About CCI
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.

 

  1. [1]The CCI-ILSTC is the New International Land Sea Trade Corridor under the Singapore-China (Chongqing) Connectivity Initiative (CCI). The CCI-ILSTC is a multimodal and multifaceted economic link that serves as a bridge between the Silk Road Economic Belt and the 21st Maritime Silk Road, and enhances connectivity between Western China and South East Asia.

 

 

Source: Monetary Authority of Singapore