SINGAPORE (THE BUSINESS TIMES) - Singapore's Raffles Medical has partnered a subsidiary of China Life Insurance (Group) to boost collaborations in China's healthcare market, as part of its continued expansion there.

In a joint statement on Tuesday (June 1), the group said it has signed a memorandum of understanding with China Life Healthcare Investment Company (CLHI), a healthcare investment platform and service provider.

Both parties will look at initiatives across several areas, including collaborations in the provision of medical services, healthcare management, training and development as well as healthcare financing through insurance, with a focus on supporting ageing populations.

Raffles Medical said this partnership marks its continued investment and commitment to China where, through Raffles China Healthcare, the group has been providing services from primary to tertiary healthcare.

This includes the establishment of the first Singapore tertiary hospital in China with Raffles Hospital Chongqing in 2019 as well as international medical centres in eight cities across Greater China.

In addition to the newly completed Raffles Hospital Beijing, the group expects to inaugurate another tertiary hospital, Raffles Hospital Shanghai, this year.

Dr Loo Choon Yong, executive chairman of Raffles Medical, said: "This strategic partnership with CLHI represents an evolution in our journey in China where we not only want to bring the Raffles brand of quality and compassionate healthcare, but healthcare financing solutions as well."

Shares of Raffles Medical closed trading at $1.15 on Tuesday, up $0.01, or 0.9 per cent.