Out-Law News | 29 Nov 2018 | 3:52 pm |
The measures were announced by the Monetary Authority of Singapore (MAS) and Shanghai Municipal Financial Regulatory Bureau (SFRB) at the fourth annual Shanghai-Singapore Financial Forum (SSFF) forum.
The plans also include measures to increase collaboration between financial institutions and fintech companies.
China and Singapore have been cooperating for five years, focusing on Renminbi internationalisation; supervisory exchanges; financial market connectivity; innovation and fintech, and the belt and road initiative.
"These initiatives provide strong support to the growing economic and financial linkages between China and Southeast Asia," said MAS deputy managing director Jacqueline Loh.
MAS said that there has been lots of cooperation between the Singapore and Shanghai in 2018. In November this year regulators and financial institutions in China and Singapore signed agreements to collaborate more on fintech projects, which also include plans to develop a fintech industry in the city of Chongqing and to develop opportunities between Chongqing and Singapore under China's 'belt and road' infrastructure programme.
Nathanael Lim of Pinsent Masons MPillay, the Singapore joint venture partner of Pinsent Masons, the law firm behind Out-Law.com, said, "The collaboration will bring forth more opportunities for both countries, and will help Singapore’s fintech scene to continue to develop and advance".
China and Singapore also 'upgraded' a free trade agreement between the two states in November.