Singapore, Chongqing financial firms to ink 28 deals for US$1.6b in transactions: MAS

SINGAPORE - A total of 28 agreements, involving transactions valued at over US$1.6 billion (S$2.17 billion), will be signed on Friday between Singapore and Chongqing financial institutions, said Monetary Authority of Singapore (MAS) managing director Ravi Menon.

Speaking at the Singapore-China (Chongqing) Financial Conference, Mr Menon said the agreements mark the start of new collaboration among financial institutions, as well as specific financing deals in bond issuances and cross-border loans.

As of June 2016, Singapore's financial sector has been involved in brokering close to US$4.5 billion in deals for Chongqing companies, he said.

The collaboration comes under the Chongqing Connectivity Initiative, which is the third government-led project between China and Singapore. The first was Suzhou Industrial Park in 1994, followed by Tianjin Eco-city in 2008.

Mr Menon said the CCI has identified four priority areas for bilateral collaboration: finance, aviation, transport and logistics, and info-communications technology.

"As an international financial centre, Singapore can offer the necessary breadth and depth of banking and capital market services to Chinese companies - from advice on regional markets to funding and capital management solutions," said Mr Menon.