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  • Singapore Business Federation and Bank of China Sign "One Belt, One Road" Global Strategic Partnership Agreement

SBF and Bank of China Sign "One Belt, One Road" Global Strategic Partnership Agreement

  • Partnership will leverage Bank of China's network to support SBF member companies to expand and develop their businesses in China.
6 November 2015 [Singapore] - The Singapore Business Federation (SBF) and Bank of China Limited (BOC) signed a Memorandum of Understanding today to foster strategic partnership in line with the "One Belt, One Road" initiative. The agreement was signed by Mr Wu Hsioh Kwang, First Vice-Chairman, SBF China Business Group, and Mr Li Mang, Global Deputy Head of Corporate Banking Department, BOC, and witnessed by SBF Chairman, Mr S.S. Teo and BOC Chairman, Mr Tian Guoli.

The partnership signifies the commitment of SBF and BOC to promote close cooperation between Singapore and Chinese companies. Under the agreement, BOC will offer SBF member companies a no-less-than 30 billion RMB credit intent over the next three years. With its wide network in the banking and financial industry, BOC will play the role as an intermediary to support SBF member companies to expand into China and the region. SBF and BOC will also organise regular seminars, business networking sessions and missions for Singapore companies to interact with Chinese enterprises.

Commenting on this new global strategic partnership, Mr Tian Guoli said that BOC, being an international and diversified Chinese bank, is committed to providing premium financial banking services and products to support projects under the "One Belt, One Road" initiative. The Bank is planning to extend credit of no less than US$20 billion to the “One Belt, One Road” related projects in 2015, and US$100 billion over the next three years to support related infrastructure projects.

Mr S.S. Teo said "The One Belt, One Road' initiative will bring forth a new level of mutual trust and, cooperation between China and ASEAN, as well as promote common development in the region. Leveraging its advantageous location at the confluence of major sea and air routes, as well as its role as the second largest offshore yuan hub outside Greater China, Singapore is committed to playing an active role in China's One Belt, One Road initiative. This partnership is one of SBF's efforts to strengthen cooperation with major companies and enterprises in China and region, and to build a closer China-ASEAN community of shared success and prosperity."

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