Collaboration to focus on strengthening supervision, enhancing connectivity, cooperating on fintech and supporting the Belt and Road initiative.
Singapore and China have achieved “new milestones in financial cooperation”, according to a statement from the MAS (Monetary Authority of Singapore), with both sides discussing ways to deepen existing collaboration and expand cooperation into new areas.
The discussions were held during the 14th Joint Council for Bilateral Cooperation (JCBC), co-chaired by Teo Chee Hean, Singapore’s deputy prime minister and coordinating minister for national security, and Han Zheng, China’s executive vice premier of the State Council.
According to the MAS, the next phase of financial cooperation between Singapore and China will focus on four areas:
- Strengthening supervisory cooperation, to facilitate a deeper understanding of each other’s regulatory approach and contribute to more effective cross-border supervisory and regulatory oversight where needed, including through regular high-level dialogue and staff attachments.
- Enhancing financial connectivity, to explore possible initiatives that can facilitate cross-border investment flows in support of growing interest from investors to participate in each other’s markets.
- Expanding cooperation in fintech, to facilitate information exchange on fintech developments and risks, and provide for regulatory cooperation on related cross-border activities.
- Supporting the Belt and Road Initiative, to provide an open platform for Chinese infrastructure developers and financial institutions to partner with relevant players in Singapore and participate in regional infrastructure projects that support ASEAN’s needs.
“That we are able to advance fresh initiatives on financial co-operation between China and Singapore each year is testament to the strong relationship between MAS and our counterparts in China,” said MAS managing director Ravi Menon.
“As the financial sectors develop further in both China and Singapore, there are significant opportunities to enhance financial connectivity for mutual benefit.”