Union Pay International (“UPI”), headquartered here in Shanghai, signed a MOU with  NETS, a leading payment services group in Singapore, in November this year to support cross-border connection of their mobile wallets. As UPI’s first cross-border tie-up with another nation’s mobile wallet – NETS’ NETSPay platform – this will allow Chinese customers to pay at NETS merchants in Singapore while Singapore’s NETSPay users can make mobile payments at over 8 million merchants in China. The MOU will also support collaboration on technology know-how between UnionPay and NETS, and facilitate the joint setting up of a research and development centre in Singapore, initially focusing on mobile services technology. 2nd MAS – SFRB Training and Exchange Programme  Lastly, deepening information and knowledge exchange between Shanghai and Singapore industry participants and officials. 10  The 2nd MAS-Shanghai Municipal Financial Regulatory Bureau Training and Exchange Programme will be held from 28 to 30 November 2018. Such training a . programmes will encourage mutual exchange and deepen ties between financial regulators, promote better understanding of each other’s markets and enhance their knowledge in specialised topics. Conclusion 11 Asia remains strongly committed to maintain an open global trading system and to  preserve multilateralism. There is therefore great potential for Asian countries to ride on each other’s growth, and for cities like Shanghai and Singapore to strengthen our bonds.
BIS Review 130/2009  3  4  BIS Review 130/2009  Fourth, the immense heterogeneity and diversity of the Asian economies have not been a restraint on progress, but have complemented and facilitated the region's economic development. The vast differences in the stage of development of the individual economies, such as from the advanced Japan to emerging China to developing Vietnam, together with the rich variety of natural resources and endowments throughout the region, have enabled Asia to capitalise on a multitude of strengths and comparative advantages. In particular, there are the region's different development levels and consequent technological capabilities, known commonly as the “Flying Geese Model”. Such specialised division of labour is evident in the 1970s when Japan relocated the more labour-intensive stages of production processes to the newly industrialised Asian economies, such as South Korea and Singapore, and subsequently in the 1980s, to emerging Asia, including Malaysia, Indonesia and Thailand. The emergence of China in the recent decade has further provided significant impetus to this pattern of vertical specialisation, which has effectively resulted in a globalisation of the production chain across the network of regional economies. Whilst Asia's fragmented industrialisation has led to a considerable strengthening of trade links within the region, the transfer of capital, knowledge and technologies that are crucial for strengthening industrial capabilities have also been enhanced. Asia after the Asian financial crisis The 1997-98 Asian financial crisis represents a significant juncture in the history of Asia.