(Yicai Global) Nov. 7 -- The Chinese unit of United Overseas Bank celebrated its 10th anniversary yesterday with the inauguration of its new headquarters in Shanghai's Lujiazui financial district.
The Singapore-based multinational banking organization has also agreed memorandums of cooperation with China CITIC Bank, Singapore Ascendas-Singbridge Group and Lujiazui Office of China Pilot Free Trade Zone.
As China is enhancing its financial opening-up and going deeper with the Belt and Road Initiative and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, UOB will further utilize financial resources both at home and abroad to provide its customers with efficient cross-border financial solutions, said Peter Foo Moo Tan, UOB China's Chief Executive.
The UOB is one China CITIC Bank's main agent banks, and the pair will strengthen cooperation in key areas such as investment consulting, corporate business and project financing, trade financing, foreign exchange derivatives and cross-border yuan businesses, said Yan Ying, deputy general manager for international business at China CITIC Bank.
Ascendas-Singbridge Group is a leading provider of sustainable urban development and business space solutions in Singapore. UOB China will team up with the firm to provide startups and small and medium-sized firms with office and financial services, which include allowing them favorable rental prices.
Under the cooperation agreement with the Pilot Free Trade Zone Administration, the pair will jointly build a financial technology ecosystem, promote resource sharing and serve fintech firms which intend on settling in Lujiazui and plan to enter the Southeast Asia.
UOB China has also formed a fintech strategic alliance with OurCrowd, an equity crowdfunding platform, to provide financing channels to innovative tech startups with high growth potential. Startups can also raise funds from InnoVen Capital funded by UOB and Temasek Holdings through debt financing.
UOB was one of the first locally-incorporated foreign-funded banks in China and has maintained steady growth in its business over the past 10 years. The bank provides customers with financial services and assists firms in effectively entering overseas markets and introduce foreign funds.
Editor: William Clegg