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Singapore and Chongqing sign deals on fintech, belt and road

Authorities in Singapore and China have signed deals designed to develop a financial technology (fintech) industry in the city of Chongqing and to develop opportunities between Chongqing and Singapore under China's 'belt and road' infrastructure programme. 08 Nov 2018

More than 500 people from businesses and government gathered in Chonqing last week for the first China (Chongqing)-Singapore Connectivity Initiative Financial Summit which was organised by the Monetary Authority of Singapore (MAS) and the China Ministry of Commerce.

Discussions at the summit centred on the development of opportunities between Singapore and China to enhance regional connectivity under China's 'belt and road' infrastructure investment programme and the Chongqing Connectivity Initiative Southern Transport Corridor (CCI-STC).

An agreement was reached between the Singapore Fintech Association and Chongqing government authorities to collaborate on the development of the fintech industry in Chongqing. OCBC Bank, Xiaomi Inc and Hanhua Financial Holding Co agreed to pursue fintech collaboration in the retail and institutional financial services sectors in China.

Other deals signed during the summit aim to further support with the development of the CCI-STC and inclusive finance in the western region of China.

Regulatory departments and financial institutions from China, Singapore and other ASEAN countries signed a total of 36 cooperation agreements, with one trillion yuan to be invested in the framework of China-Singapore connectivity in five years.

"The participation of leaders from the western region of China, the ASEAN central banks and financial institutions enabled a rich discussion on cross border financial and infrastructure connectivity," said MAS managing director Ravi Menon said.

In late October, just before the Chongqing summit, 61 joint projects between Chongqing and Singapore were confirmed, with a total contract value of over $5 billion, according to China Daily.