The Asian Banker Wednesday, 24 July 2024

DBS to provide comprehensive financial services for the third China-Singapore G-to-G project

5 min read

CHONGQING, SINGAPORE – DBS Bank Limited (“DBS”) announced today that it has inked four strategic partnerships at the MOUs Signing Ceremony of the “China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity”. DBS is amongst the first Singapore companies to participate in the third China Singapore Government-to-Government (“G-to-G”) project, signing strategic agreements with Chongqing Municipal People's Government, Industrial and Commercial Bank of China Ltd. (“ICBC”), China Construction Bank Corporation (“CCB”), Chongqing Liangjiang New Area Administrative Committee and Chongqing Yufu Assets Management Group Co. Ltd (“Chongqing Yufu”). DBS is committed to provide comprehensive financial services for the development of China-Singapore’s new economic partnership.

Following the footsteps of the Suzhou Industrial Park and the Tianjin Eco-City projects, China and Singapore signed an agreement on 7 November 2015 to launch a third G-to-G project in Chongqing Municipality in Western China, based on the theme of modern connectivity and modern services. The collaboration will focus on four priority areas: (i) financial services; (ii) aviation; (iii) transport and logistics; and (iv) information and communications technology (ICT).

The inaugural “China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity” Joint Implementation Committee Meeting was held in Chongqing today. Mr. Sun Zhengcai, the Communist Party Secretary of Chongqing, Mr. Chan Chun Sing, Minister in the Singapore Prime Minister’s Office, Ms. Gao Yan, Vice Minister of Commerce of the People’s Republic of China and Mr. Huang Qifan, Mayor of Chongqing witnessed the signing of the first batch of partnerships.

DBS Bank (China) Chief Executive Officer Mr. Neil Ge represented DBS to sign four strategic partnerships, namely:

  1. Tripartite Strategic Memorandum of Understanding (MOU) between Chongqing Municipal People's Government, ICBC and DBS

    Chongqing Municipal People's Government intends to innovate new policies and operating models to facilitate trade and investment and contribute to the success of the project. ICBC and DBS will provide financing solutions and various other financial services. All three parties intend to share information, resources and facilitate business synergies to jointly promote connectivity among governments, banks and businesses.

    Mr. Wang Bairong, Head of Chongqing Regional Headquarters said, “In recent years, ICBC has provided comprehensive financial services to many Chongqing companies for their overseas expansion and to Singapore companies investing in Chongqing, demonstrating our strengths in comprehensive and international services. The China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity will deepen cooperation between the two countries and we are committed to providing quality cross-border financing services to both Singapore and Chongqing companies.”

    "As China's largest bank and Singapore's sole RMB clearing bank, we have amassed a wealth of experience through our extensive work in various cross-border financial reform pilot projects, including the provision of financial services such as cross-border direct loans in China-Singapore Suzhou Industrial Park and Sino-Singapore Tianjin Eco-city," said Mr. Zhang Weiwu, General Manager of ICBC Singapore. "For the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, the third G-to-G project between Singapore and China, we are excited to be bringing to the table our expertise and experience in cross-border finance and investment, especially in cross-border RMB services. We look forward to leveraging these strengths in our partnership with DBS, Singapore’s largest bank, to provide businesses and individuals in both countries with a full suite of integrated financial services, including more diversification and convenience in their investment options."

  2. Tripartite Strategic MOU between Chongqing Municipal People's Government, CCB and DBS

    The three parties intend to jointly establish long-term mechanisms and legislation to promote effective market operations and cooperation. Leveraging their respective strengths, DBS and CCB intend to jointly innovate new service models and financing channels, promote the globalisation of Chinese and Singapore enterprises as well as establish a project financing platform to support the development of Southeast Asia and the “Belt and Road” initiative.

  3. Bilateral MOU between DBS Bank (China) and Chongqing Liangjiang New Area Administrative Committee

    Liangjiang New Area Administrative Committee will encourage its subsidiaries and companies in Liangjiang New Area to prioritise DBS as its main bank for their China-Singapore projects’ cross-border financing needs. Both parties will also jointly develop new financial products.

    “As the third national development area approved directly by the State Council, Liangjiang New Area looks forward to broad based collaborations with Asia’s leading financial institution DBS,” said Mr. Tang Zongwei, Deputy Secretary and Executive Deputy Director of the Party Working Committee of Liangjiang New Area, Chongqing. “Leveraging our respective strengths for mutual benefit and achieve tangible results, we hope to become a role model amongst the first batch of projects signed.”

  4. Bilateral MOU between DBS Bank (China) and Chongqing Yufu Asset Management Group Co. Ltd

    Chongqing Yufu Group will prioritise DBS as one of its main banks for its financing needs while DBS will provide high quality, efficient and customised financial services. Both parties will collaborate on financial innovation.

    Chongqing Yufu Group Chairman Mr. Li Jianming said, “As a representative Chongqing state-owned enterprise, Yufu Group’s strategic partnership with Singapore’s leading financial institution DBS is an alliance of strength. Both parties endeavour to collaborate extensively in the financial sector. The partnership will help to catalyse the China-Singapore third G-to-G project by taking the China-Singapore strategic connectivity to the next level, as well as contribute to the advancement of the “Belt and Road” initiative and promote regional economic development.”

Committed to China for over 20 years, DBS is amongst the first foreign banks and the first Singapore bank to locally incorporate in China. DBS Bank (China) Chongqing branch was established in January 2012 and is the bank’s first foray into Western China. In the last four years, DBS has actively supported many Western China and Chongqing companies in their overseas expansion, diversification of their funding bases as well as helped them reduce financing costs.

DBS Bank (China) Chief Executive Officer Neil Ge said, “With our Development Bank of Singapore lineage, we have extensive experience in supporting developmental projects in the region. We are honoured to participate in the China-Singapore third G-to-G project and partner key government institutions and companies in its initiatives. DBS is committed to leveraging its experience and expertise from 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.”


Re-disseminated by The Asian Banker

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