SINGAPORE (Jan 8): Singapore Exchange (SGX) on Tuesday signed a new cooperation agreement with the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) Administrative Bureau, as part of its efforts to support Singapore-China financial cooperation.
CCI is the third inter-governmental project between Singapore and China.
Apart from facilitating access to innovative cross-border financial services for enterprises from Western China, this agreement between SGX and CCI Administrative Bureau will support Chongqing in its central role in catalysing business opportunities under the CCI.
The agreement with CCI Administrative Bureau builds on existing partnerships between SGX and the State-Owned Assets Supervision and Administration Commission (SASAC) as well as Financial Affairs Office (FAO) of the Chongqing Municipal Government, to help Chongqing companies access international capital funding for business expansion.
Chew Sutat, Executive Vice President and Head of Equities and Fixed Income, SGX, says, “Today’s signing with CCI Administrative Bureau marks an extension of our partnership focused on Western China, underscoring SGX’s commitment in supporting Chinese companies looking for cross-border funding opportunities. As both China and Singapore governments work towards greater connectivity between Western China and Southeast Asia, the need for more international capital will grow. SGX is well-placed to support this trend. We look forward to lending our support as Asia’s most international exchange, in facilitating broader and deeper financial connectivity between Singapore and China.”
At present, out of about 740 companies listed on SGX, over 100 originate from Greater China and make up about 20% of the market capitalisation of companies listed in Singapore. As the bond centre of Asia, about 15% of bond issuers on SGX are from Greater China.
