The Monetary Authority of Singapore and Shanghai Municipal Financial Services Office held the inaugural Singapore-Shanghai Financial Forum in Singapore yesterday. The one-day Forum was established as a regular platform for market participants from two of Asia's leading financial centres to exchange views on topical issues and emerging trends, and explore strategic partnerships.
More than 100 senior industry experts from Singapore and Shanghai attended the inaugural Forum. The Forum featured five plenary sessions led by distinguished speakers from the Singapore and Shanghai, who discussed latest developments in China (Shanghai) Pilot Free Trade Zone, China’s “One Belt One Road” initiative, future growth of offshore RMB markets, asset securitisation and technology and innovation in financial services.
The forum comes shortly after initiatives to strengthen cross-border Renminbi (RMB) flows and a commitment to collaborate on capital market connectivity between China and Singapore were agreed following the recent State Visit to Singapore by the President of the People’s Republic of China, Mr Xi Jinping.
Ms Jacqueline Loh, Deputy Managing Director of MAS, said, “Singapore and China have built up a strong foundation for financial cooperation, and we are delighted to have the opportunity to work with Shanghai FSO to explore greater collaboration between our financial centres. As a leading financial centre in China, Shanghai plays an instrumental role in piloting financial reforms and expanding network of linkages with international financial markets. There is great potential for Singapore to partner with Shanghai to develop our financial centres and contribute to the growth of the broader Asian financial markets.”
In his congratulatory note to the Forum, Mr Zheng Yang, Shanghai FSO Director-General, said, “I firmly believe that the Forum will play an active role as a platform for regulators, government officials, and executives in the financial services sector from Shanghai and Singapore to communicate and seek business cooperation opportunities. Shanghai and Singapore have witnessed profound cooperation in the financial services sector during the past years, and I hope the Forum will be a new start for our deeper and more comprehensive cooperation in the near future.”
