MAS opens office in Beijing to strengthen bilateral cooperation

BEIJING - The Monetary Authority of Singapore (MAS) officially opens its Beijing Representative Office to strengthen its collaboration with the People's Bank of China (PBC) and other Chinese financial authorities.

Deputy Prime Minister and Finance Minister of Singapore Mr Tharman Shanmugaratnam, who is now in Beijing for a visit, said "MAS sees great value in establishing a physical presence in Beijing".

"We look forward to leverage on this milestone collaboration to deepen our financial and economic cooperation and take our bilateral relations to new heights," said Mr Tharman, who is also the Chairman of MAS.

Today's opening ceremony was attended by more than 100 guests, including Guest-of-Honour Mr Zhou Xiaochuan, the governor of the PBC.

This is MAS' third representative office overseas. It has earlier established offices in London and New York.

The Beijing Representative Office will be headed by Chief Representative Ms Tay Hwee Ling, who has covered various functions in MAS, including insurance supervision, banking policies, human resource and strategic planning.

Her team will also work towards broadening its collaborations with various financial authorities including China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CIRC) and China Insurance Regulatory Commission (CIRC).

Mr Tharman will next meet China's Finance Minister Lou Jiwei. His trip is expected to wrap up on June 3, 2013.