Shanghai could tap on Singapore’s role as a regional infrastructure-financing hub in ASEAN to jointly access infrastructure opportunities in the region. Additionally, both financial centres can work together to develop innovative capital market solutions for infrastructure projects in China, ASEAN and in third countries. Key financial institutions in China are already working closely with Singapore on this front. 4/7  BIS central bankers' speeches  They have significantly scaled up their BRI-related activities in Singapore over the past two years. China and Singapore financial institutions are tapping on each other’s strengths to help Chinese firms “go out”. For example: In June 2015, Bank of China (BOC) issued four currency “Silk Road” bonds in Singapore, which included a SGD 500 million tranche and a RMB 5 billion tranche. In August 2016, China Construction Bank (CCB) listed its first RMB 1 billion BRI infrastructure bond on the Singapore Exchange (SGX). In September 2016, Industrial and Commercial Bank of China (ICBC) signed an agreement with the Singapore Exchange (SGX) to support Chinese companies looking to list equities or bonds on SGX. Both parties will also explore collaboration in derivatives trading, bond trading and market making of RMB-denominated contracts listed on SGX. Since November 2015, three of China’s top four banks (ICBC, CCB and BOC) have signed MOUs with International Enterprise Singapore to deepen BRI partnerships in ASEAN. These MOUs brought in more than SGD 90 billion worth of financing for BRIrelated projects and to support Chinese and Singapore firms investing into BRI countries.
Jacqueline Loh: Shanghai and Singapore - synergies amidst a dynamic Asian financial landscape Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Second Shanghai-Singapore Financial Forum, Shanghai, 30 November 2016. * * * Ladies and Gentlemen Introduction 1 Good afternoon, it is my pleasure to join you at the 2nd Shanghai-Singapore Financial Forum (SSFF). 2 In November last year, the Monetary Authority of Singapore (MAS) and the Shanghai Municipal Financial Services Office (Shanghai FSO) launched the inaugural SSFF. That was a significant and important milestone. As the Chinese saying goes, 二人同心，其利断金. The SSFF is more than just a forum. It is a reflection and commemoration of the longstanding relationship and cooperation between Shanghai and Singapore. Following last year’s success, both sides are keen to build on the good momentum achieved and bring our relationship to a higher plane. 3 The aspirations of both the MAS and Shanghai FSO are reflected in the theme for this year: “Shanghai and Singapore – A Partnership for a New Asian Financial Landscape” . Our hope is that both cities can work together to forge a stronger, more future-ready partnership ahead. This is important for both Shanghai and Singapore, which are international financial centres in the midst of a rapidly evolving Asian financial landscape. 4 Let me outline briefly what we have achieved together so far and highlight the synergies that we see ahead for both Shanghai and Singapore. I.