UOB, SGX ride on China's expansion into Asean

Singapore

UOB and the Singapore Exchange (SGX) will work with the China Chamber of International Commerce (CCOIC) to have more Chinese enterprises use Singapore as a launchpad to expand into Asean. The partnership was inked under a fresh memorandum of understanding signed in conjunction with the second Belt and Road Forum in Beijing.

The signing on Saturday was witnessed by Chan Chun Sing, Singapore Minister for Trade and Industry, and Koh Poh Koon, Senior Minister of State for Trade and Industry.

UOB said in 2018, the number of Chinese companies that it had partnered on Asean expansion plans rose 50 per cent from a year ago. This support resulted in a 31 per cent increase in cross-border business flows over the same period, it added.…