Lim Hng Kiang: Singapore Exchange Beijing Representative Office Opening speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Launch Ceremony of the Singapore Exchange Beijing Representative Office, Beijing, 21 April 2008. *  *  *  Ladies and Gentlemen, Congratulatory remarks I am delighted to be here with you this evening to commemorate the opening of the Singapore Exchange Beijing Representative Office. First, I would like to take this opportunity to express my appreciation to the Chinese Government and the Chinese Securities Regulatory Commission for the generous support of the Singapore Exchange’s efforts in China. Establishment of the Singapore Exchange Beijing representative office The setting up of the Singapore Exchange’s first overseas representative office in Beijing underscores the exchange’s commitment to China. This representative office will further strengthen existing links between our two business and finance communities under the broader China-Singapore partnership framework. Chinese listings on the Singapore Exchange The Singapore Exchange started serving the fund-raising needs of Chinese companies since 1997, and it has seen strong interest in the recent years. Encouraged by the Chinese government’s "go out" policy and also boosted by the economic strength of the Chinese economy, Chinese companies have increasingly taken significant steps to regionalise and internationalise their businesses. Many Chinese companies have chosen Singapore as a springboard into the region and the Singapore Exchange as a fund-raising platform.
Singapore’s value proposition to Chinese companies I believe the Singapore Exchange will be committed to maintain a robust market-oriented framework, which facilitates organisations that would like access to global capital for their business expansion plans. To date, the Singapore Exchange is one of the most international equity markets globally, boosting 38% of international listings originated from a myriad of places such as the ASEAN nations, Hong Kong, India, Japan, South Korea, North America, Europe, and of course, China. Singapore welcomes Chinese companies to use Singapore as a second home, to pursue regional business opportunities, to build international connections, as well as a test-bed for new, innovative ideas. At a point where East meets West, Singapore today is home to 26,000 international companies. Of these, approximately 4,200 MNCs have regional activities in Singapore to leverage on the Singapore connectivity to service their clients from within the region. An increasing number of financial institutions are also using Singapore as a regional hub to conduct their investment, fund management and private wealth management activities. Singapore’s asset management industry has boomed and flourished, with assets under management surpassing $ billion. Closing The establishment of the Singapore Exchange’s presence in Beijing could not be more relevant, with the Chinese market growing at a strong pace, and as Chinese companies and markets become increasingly linked to the global community. The strong economic growth in China, Singapore, as well as the ASEAN region, gives us a window of opportunity to deepen and enhance market integration, strengthening Asia’s competitive edge.