UOB aims to boost bilateral cooperation between Singapore and China with new partnership

Michelle Zhu

Updated 20 November 2018 at 1:59 am

SINGAPORE (Nov 20): United Overseas Bank (UOB) is partnering Suzhou Industrial Park Administrative Committee (SIPAC), which governs and administers China’s Suzhou Industrial Park (SIP), to facilitate the expansion of companies through cross-border trade and investment.

The bank signed a memorandum of understanding (MoU) with SIPAC at the 12th Meeting of the Singapore-Jiangsu Cooperation Council today.

Peter Foo, president and CEO of UOB (China) (front row, second from left), at the MoU signing ceremony

Under the MoU, both parties will collaborate to offer companies – including those looking to set up operations in the SIP – financial solutions and business advisory as they tap China’s Belt and Road Initiative (BRI) for expansion across the region.

UOB and SIPAC will also encourage the development of financial technology (fintech) capabilities by promoting the growth of fintech companies, as well as promoting knowledge sharing and talent development across borders.

In a statement on Tuesday, UOB says its collaboration with SIPAC is expected to contribute to the deepening of bilateral cooperation between Singapore and China.

The bank also notes that both countries signed the China-Singapore Free Trade Agreement (FTA) Upgrade Protocol earlier this month with the aim of enabling greater market access for enhanced bilateral trade and investment.

“Riding on the momentum of the upgraded FTA, our MoU with SIPAC will strengthen UOB’s position as a conduit for trade and investment flows between China and Singapore and other ASEAN countries,” says Peter Foo, president and CEO of UOB (China).

“We will continue to harness our expertise, experience and ecosystem of partners to help our clients seize the business opportunities arising from the enhanced economic ties and connectivity across the region,” he adds.

SIP, where the UOB (China) Suzhou Branch is located, was launched in 1994 as the first government-to-government project between China and Singapore.