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SGX inks deal, deepens ties with China
SINGAPORE has inked its third inter-governmental agreement with China, with Singapore's securities regulator announcing on Tuesday that it has signed a new strategic cooperation agreement with the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) Administrative Bureau.
The Singapore Exchange (SGX) said that this broadens its slate of collaborations with China, as part of its efforts to support Singapore-China financial cooperation.
SGX said that the agreement would facilitate access to innovative cross-border financial services for enterprises from Western China, and also support Chongqing in its central role in catalysing business opportunities under the CCI.
The agreement builds on existing partnerships between SGX and the State-Owned Assets Supervision and Administration Commission (SASAC) as well as Financial Affairs Office (FAO) of the Chongqing Municipal Government to help Chongqing companies access international capital funding for business expansion, SGX said.
SGX's announcement said that at present, out of about 740 companies listed on SGX, over 100 originate from Greater China, making up about 20 per cent of the market capitalisation of companies listed in Singapore; and about 15 per cent of bond issuers on SGX are from Greater China.