What’s new: China’s banking regulator will work more closely with Singapore’s central bank on regulations and opening up financial markets, a Chinese official said at an industry event.
The China Banking and Insurance Regulatory Commission (CBIRC) will partner with the Monetary Authority of Singapore (MAS) to strengthen regulatory coordination, CBIRC Vice Chairman Cao Yu said Thursday at the China-Singapore (Chongqing) Connectivity Financial Summit.
During the event, Cao also highlighted how the countries’ regulators have been working together over the years. “The two sides have held 12 high-level meetings on banking and insurance supervision since 2006, and maintained close exchanges at multiple levels,” he said.
The CBIRC will also improve its rules and standards to align with international norms, Cao said, vowing to build a “higher-level open financial system.”
Meanwhile, China encourages Singaporean banks and insurers to participate in key projects such as those under the China-Singapore connectivity initiative and the Belt and Road Initiative, as well as invest in western China, he said.
The background: The two countries embarked on a new phase of diplomatic ties earlier this month, officially upgrading their relationship.
On the same day, the two sides signed several pacts to enhance collaboration in areas ranging from the Belt and Road Initiative and dispute mediation to water and environmental research.
Related: Singapore and China’s Upgraded Relationship: What It Means
Contact reporter Zhang Ziyu (ziyuzhang@caixin.com) and editor Leila Hashemi (leilahashemi@caixin.com)
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