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Singapore firms join Chongqing project

Singapore firms join Chongqing project

A slew of Singapore firms, including property giant CapitaLand and banks DBS and UOB, have joined the third Sino-Singapore government-led project, which is based in Chongqing.

DBS inked four strategic partnerships with Chinese government agencies and banks to provide comprehensive financial services for the project. One of them will see DBS and the Industrial and Commercial Bank of China providing financial solutions and services to the Chongqing government to boost trade and investment.

Financial services is one of four priority areas of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which focuses on modern connectivity and modern services.

The others are aviation, transport and logistics, and information and communications technology.

DBS Bank (China) chief executive Neil Ge said the bank will leverage on its experience and expertise in developed financial markets such as Singapore and Hong Kong “to explore financial innovation with its partners as well as strengthen economic ties between Singapore, Chongqing and western China”.

UOB inked a memorandum of understanding with the Chongqing financial affairs office to promote cross-border trade and investment between Chongqing and South- east Asia. They will help Chongqing firms expand into South-east Asia through UOB’s advisory unit, banking products and regional network.