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RETAIL BANKING | Staff Reporter, Singapore

UOB ties up with SGX and CCOIC to support Chinese firms

The tripartite alliance aims to help Chinese firms expand to ASEAN.

United Overseas Bank Limited (UOB), Singapore Exchange Limited (SGX) and the China Chamber of International Commerce (CCOIC) have signed a Memorandum of Understanding (MOU) to help Chinese enterprises use Singapore as a launchpad to expand into ASEAN, an announcement revealed.

The three firms will help Chinese enterprises capitalise on Singapore’s debt and equity capital markets, as well as Singapore’s role as a regional treasury hub and global financing centre for foreign investments.

Each organisation will provide assistance and advisory services in relation to market entry and corporate actions such as debt and equity listing and asset securitisation. They will also provide support in their respective areas, such as trade settlement, project financing, liquidity management, foreign exchange and derivatives transactions, and connect Chinese enterprises to potential business partners across ASEAN.

As part of the MOU, UOB, SGX and CCOIC will also cooperate through industry events and seminars to promote trade and investment between China and Singapore and to help more companies explore opportunities along the China-ASEAN business corridor.

The MOU signing was in conjunction with the second Belt and Road Forum in Beijing and was witnessed by Chan Chun Sing, Singapore minister for trade and industry, and Koh Poh Koon, senior minister of state for trade and industry.

The tripartite alliance builds on UOB’s existing collaboration with CCOIC to facilitate Chinese enterprises’ internationalisation efforts.

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