MAS: Singapore and China Seek to Strengthen Fintech Connectivity

The 3rd Singapore-China (Chongqing) Connectivity Initiative (CCI) Financial Summit anticipates greater financial connectivity between the two countries, according to a note issued by the Monetary Authority of Singapore (MAS).

At the event opening the Minister for Manpower, Singapore, Josephine Teo was said to highlight that Singapore and Chongqing can jointly facilitate closer cooperation between ASEAN and Western China to strengthen the economic relationship with greater financial connectivity and trade through a digitalized CCI New International Land-Sea Trade Corridor (CCI-ILSTC).

This year’s theme of the Summit is Enhancing Financial Connectivity. Keynote remarks were delivered by 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 included areas of common interest such as cross-border financing, green and sustainable finance, and Fintech. Menon’s remarks proposed to make the CCI-ILSTC trade route between China and ASEAN fully digitalized end-to-end, and to be the first of its kind in the world. This is expected to 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.

Six MOUs on cross-border financial services cooperation, Fintech and talent training and exchanges between Chongqing and Singapore corporates were signed.

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.

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