ICBC Singapore, the only RMB clearing bank in Singapore, has recently hosted the 2nd RMB Internationalization Summit RMB Rising on the Maritime Silk Road & Inauguration of ICBC Shipping Finance Centre (Asia Pacific) in Singapore. At the summit, ICBC officially unveiled its headquarter of Shipping Finance Centre in Asia Pacific, becoming the first Chinese bank to conduct shipping finance business in Singapore, carrying strong implications in driving Sino-Singapore financial cooperation and long-term growth of Singapore as the world’s largest shipping hub. 

At the summit, various themes such as RMB internationalization policies and development, updates of special drawing rights and strategic investment opportunity arising fromChina’s “Belt and Road” Initiative were discussed. In addition, fruitful results were achieved in deepening cooperation between Chinese banks and local enterprises as well as boosting Sino-Singapore economic and trade cooperation. ICBC Singapore Branch has signed formal MOUs and Cooperation Agreements with seven institutions/enterprises, including International Enterprise Singapore (IES), Maritime and Port Authority of Singapore (MPA), China Classification Society, Pacific International Lines – Singapore’s leading institution in shipping and petroleum trade, Bernhard Schulte Shipmanagement Group, BW Group and EZ-LINK.

Mr. Lucien Wong, Chairman of the Maritime and Port Authority of Singapore (MPA), says that shipping is one of Singapore’s major economic pillars, accounting for 7% of the country's GDP. MPA provides diversified shipping services for over 130 international shipping groups in Singapore. Shipping finance is prioritized by MPA to meet rising demands from our shipping sector. The establishment of the headquarters in Singapore is good news for the industry and aligned with MPA’s development principle.  MPA looks forward to working closely with ICBC to make contributions to Singapore’s shipping finance. ”

Mr. Chua Taik Him, Deputy Chief Executive Officer of IE Singapore (IES), says that China’s “Belt and Road” Initiative provides opportunities for Singaporean enterprises to invest in infrastructure projects. As the only RMB clearing bank in Singapore that has deep understanding of Chinese enterprises,  ICBC is a key partner of IES. Through strategic cooperation with ICBC, IES will leverage global networks of both parties to seize market opportunities. ”

Mr. Zhang Weiwu, General Manager of ICBC Singapore Branch, says that Singapore is an important node on the “21st Century Maritime Silk Road” and the first overseas offshore RMB center, which is best positioned to benefit from the “Belt and Road” Initiative and RMB internationalization. Particularly since the inclusion of RMB into the current basket of SDR, the demands  local and internationalAs the preferred RMB bank in Singapore, ICBC will continue to innovate products and services to satisfy corporate demands. In addition, as favorable geographical location and business environment enable local shipping of Singapore to sustain rapid growth, the headquarter set up by ICBC will boost shipping finance businesses to provide financing and investment opportunities for the shipping industry in Singapore.

Since 2012 when the Qualifying Full Bank (QFB) license was obtained from Singapore, ICBC Singapore Branch has gradually expanded its service network to cover the whole country. The eighth branch has lately been set up in Punggol, which extended financial services to more areas. ICBC Singapore Branch has continued to strengthen innovative local businesses besides RMB business. For example, ICBC Singapore Branch has lately released a co-branded debit card with both bankcard and Ez-Link functions and personal mortgage loan service, which further diversifies its personal banking products.