Singapore-Chongqing financial connectivity strengthens amid pandemic: MAS

SINGAPORE, Nov. 23 (Xinhua) -- The Monetary Authority of Singapore (MAS) said on Tuesday in a press release that the financial connectivity between Singapore and China's Chongqing Municipality has strengthened over the past year despite the COVID-19 pandemic.

The authority said the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) has helped to catalyze 3 billion U.S. dollars in multi-currency financing deals from Chongqing this year, amounting to over 17 billion dollars in cross-border deals since the CCI's inception in 2015.

These figures were shared at the opening ceremony of the fourth China-Singapore (Chongqing) Connectivity Financial Summit that was held this afternoon, MAS said, adding that 10 Memorandum of Understandings between Singapore and Chongqing corporates and institutions relating to cross-border financial services cooperation, green finance, and FinTech were also inked during the summit.

Josephine Teo, Singapore's Minister for Communications and Information and Second Minister for Home Affairs, highlighted the role that the financial services sector can play in meeting today's economic challenges, and in supporting the transition towards a more sustainable future, while speaking virtually at the opening ceremony.

She also highlighted the importance of leveraging technology to facilitate trade and investments along the CCI New International Land-Sea Trade Corridor (CCI-ILSTC), which connects Southeast Asia and western China.

MAS's Managing Director Ravi Menon said at the event that the greater use of electronic trade documents along the CCI-ILSTC would make verification checks easier, reduce the incidence of fraud and human error, and ultimately lower costs.

He also offered suggestions on how Singapore and Chongqing could work together to mobilize green financing and investments in a safe, sound, and orderly manner.

The two-day summit is the signature event under the financial services pillar of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity. It focuses on opportunities to deepen financial collaboration between Singapore and Chongqing, and between ASEAN and western China.

Attendees of the summit include representatives from central banks, financial institutions and corporates from across ASEAN and Chinese policymakers and financial institutions.