18 Deals Inked at Shanghai-Singapore Cooperation Panel Meet

About 18 agreements and memorandums were signed at the sixth meeting of the Shanghai-Singapore Comprehensive Cooperation Council held on Wednesday, covering financial cooperation, scientific and technological innovation, the digital economy, urban governance, and cultural exchanges.

Established in 2019, the council is an cooperation mechanism between Shanghai and Singapore, aiming to create a bridge for their respective companies and institutions. A council meeting has been held annually except in 2022.

At the meeting, Singapore-based DBS Bank told China Biz Buzz that it has signed a strategic memorandum of understanding with Guotai Huitong Securities, aiming to strengthen cooperation in areas such as wealth management, capital markets, and financial markets.

"Previously, DBS Bank has served as the offshore H-share financial advisor to Haitong Securities, successfully assisting in its merger with Guotai," said Ginger Cheng, CEO of DBS Bank China.

In China, the bank covers large, medium, and small and medium-sized enterprises (SMEs). In the future, it will step up efforts to support science and technology innovation companies, providing full life-cycle services ranging from initial startup to Series A/B funding, banking services, and international "going out" support.

"DBS maintains a long-term commitment to the Chinese market. The group's senior management and board of directors have a long-term vision for China," said Cheng. "DBS has also made significant investments – it has become the largest shareholder in Shenzhen Rural Commercial Bank with a stake of nearly 20 percent."

Meanwhile, Shanghai companies are also seeking opportunities to both introduce Singaporean business to Shanghai and vice versa.

Shanghai Xinwei Sci & Tech Development Co Ltd is an incubator dedicated to commercializing scientific and technological achievements. At the meeting it settled an advanced packaging project led by an ethnic Chinese entrepreneurial team from Singapore in Shanghai.

"The project actually won the first prize of the international section of a smart sensing competition we organized and we found that the project's industrialization must rely on an extremely complete industrial supply chain and application scenarios, which is available in Shanghai," said Ren Jia, general manager of Xinwei.

Ren said Singapore is a critically important international partner for its "bringing in and going out" strategy.

"Given the geopolitical landscape of recent years, Singapore's relatively neutral position offers a buffer zone, providing a secure route for domestic high-tech projects, especially in key areas like integrated circuits, semiconductors, and smart sensors, to seek international markets," he added.

The view on partnership is mutual.

Singapore's OCBC Bank Ltd leverages its long-established presence across Southeast Asia and China to assist Chinese firms in their international expansion beyond just Singapore and Shanghai.

"We see Shanghai as a key financial and connecting hub – a crucial gateway and ecosystem that provides necessary resources and partnerships for companies entering or leaving the Chinese market," said Tan Keng Hwee, managing director and head of corporate banking in China for OCBC.