Forum aims to strengthen Shanghai-Singapore financial ties

The 2016 Shanghai-Singapore Financial Forum opens in Shanghai on Nov 30, serving as a platform for the two areas to enhance financial exchanges and cooperation. [Photo/cips.com.cn]

The 2016 Shanghai-Singapore Financial Forum opened in Shanghai on Nov 30, themed as "A Partnership for a New Asian Financial Landscape".

The event, first launched by the Shanghai Financial Service Office and Monetary Authority of Singapore in 2015, serves as a platform for the two areas to enhance financial exchanges and cooperation. This year, the day-long event aimed to further strengthen the financial ties between Shanghai and Singapore.

Zheng Yang, head of the Shanghai Financial Service Office, said that Shanghai and Singapore, both of which are significant financial centers in the Asia-Pacific region, have cooperated in a variety of fields and are getting closer in the financial sector.

Zheng also suggested for the two areas to grasp the opportunities generated by the internationalization of the renminbi, the implementation of Belt and Road Initiative, and the rapid development of financial technology, to strengthen mutual cooperation.

Many attendees thought that there is a bright prospect for the two areas to work together on renminbi product innovation. Shanghai is a trading, pricing, clearing and settlement center for the renminbi ashore market, and Singapore plays an important role in offshore renminbi development.

The Belt and Road Initiative is another scheme which brings the two areas good opportunities to improve investment and financing services.

Currently, both Shanghai and Singapore are focusing on the development of financial technology -- an emerging industry composed of companies that use technology to create more efficient financial services -- which makes it another potential cooperative field.

Luo Huiyan, deputy head of the Monetary Authority of Singapore, agreed with Zheng's ideas and added that Singapore can be a strategic partner of Shanghai's free trade zone, helping it try out new financial measures.

The attendees also discussed topics such as the new financial environment in Asia and the transformation of Asia's financial centers.