UOB links up with Shanghai Pudong bank to serve firms in BRI

Mr Frederick Chin (left), head of group wholesale banking at UOB, and Mr Wang Xinhao, executive vice-president of Shanghai Pudong Development Bank, at yesterday's ceremony. The banks aim to help more companies tap opportunities in the BRI.
Mr Frederick Chin (left), head of group wholesale banking at UOB, and Mr Wang Xinhao, executive vice-president of Shanghai Pudong Development Bank, at yesterday's ceremony. The banks aim to help more companies tap opportunities in the BRI.PHOTO: UOB

United Overseas Bank (UOB) has linked up with Shanghai Pudong Development Bank (SPDB) to serve companies hoping to tap opportunities in China's Belt and Road Initiative (BRI).

The banks will collaborate on solutions that cover investment advisory, cross-border yuan transactions, syndicated loans, project and trade finance, and cash settlement.

SPDB and its clients will be able to connect with UOB's foreign direct investment ecosystem partners for advisory services in areas such as investment incentives, local regulations, tax, company incorporation and legal matters.

The partners will also seek to strengthen interbank business such as lending and deposits, and will connect start-ups with financial technology ecosystems to access alternative financing.

UOB and SPDB, which signed a memorandum of understanding on the tie-up yesterday, are long-time business partners. UOB was appointed 20 years ago as SPDB's sole Singdollar clearing bank.

Mr Frederick Chin, UOB's head of group wholesale banking, said in a statement: "Through collaboration with strategic partners such as SPD Bank, we will strengthen our efforts in helping companies tap the increasing regional cross-border flows arising from the Belt and Road Initiative and other regional connectivity initiatives."

SPDB executive vice-president Wang Xinhao described the deal as "a strong testament of both banks' commitment to provide companies with comprehensive services and solutions in China and South-east Asia".

A version of this article appeared in the print edition of The Straits Times on September 06, 2018, with the headline 'UOB links up with Shanghai Pudong bank to serve firms in BRI'. Print Edition | Subscribe