Singapore firms join Chongqing project

A slew of Singapore firms, including property giant CapitaLand and banks DBS and UOB, have joined the third Sino-Singapore government-led project, which is based in Chongqing.

DBS inked four strategic partnerships with Chinese government agencies and banks to provide comprehensive financial services for the project. One of them will see DBS and the Industrial and Commercial Bank of China providing financial solutions and services to the Chongqing government to boost trade and investment.

Financial services is one of four priority areas of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which focuses on modern connectivity and modern services.

The others are aviation, transport and logistics, and information and communications technology.

DBS Bank (China) chief executive Neil Ge said the bank will leverage on its experience and expertise in developed financial markets such as Singapore and Hong Kong “to explore financial innovation with its partners as well as strengthen economic ties between Singapore, Chongqing and western China”.

UOB inked a memorandum of understanding with the Chongqing financial affairs office to promote cross-border trade and investment between Chongqing and South- east Asia. They will help Chongqing firms expand into South-east Asia through UOB’s advisory unit, banking products and regional network.

Mr Eric Lian, president and chief executive officer of UOB (China), said in a statement that the bank’s Chongqing branch has doubled its wholesale banking customer base since its launch in September 2014, in areas such as electronics, retail and wholesale services and infrastructure sectors that are to be developed as part of the project.

CapitaLand is partnering the Yuzhong district government to set up the Sino-Singapore Collaboration Centre at Raffles City Chongqing, its biggest single project in China costing 24 billion yuan (S$5.2 billion), to be completed by 2018.

CapitaLand president and group CEO Lim Ming Yan said its Raffles City aims to be a testbed for the latest technologies in areas such as modern retail, collaborative workspace and smart homes.

“Coupled with the support of the Sino-Singapore Collaboration Centre located therein, it will be able to effectively bridge companies pursuing cross-border expansion to the immense growth opportunities in Chongqing,” he added.