Singapore based OCBC bank and China based Bank of Shanghai sign yet another MOU in a bid to deepen their strategic partnership. The signing of MOU between the two banking giants is viewed by many as groundwork for further business progress in future. The deal was signed by the two banking giants and announcement on same was made earlier today at the inaugural Singapore-Shanghai Comprehensive Cooperation Council meeting (SSCCC) which took place in Shanghai. The deal between the two firms is regarded as holistic spirit of SSCCC meeting and is aimed at reaffirming broad-based bilateral co-operation in trade finance. The MOU is also aimed at both parties focusing and reinforcing on their corporate banking, treasury, and investment banking solutions sectors.
It was also agreed that the banking firms will extend their focus in emerging sectors such as digital banking, supply chain financing and cross-border capital markets. Aside from agreement to focus on business opportunities across wide range of financial sectors, the MOU is also aimed at co-operation between both banks relating to sharing of their knowledge and resources in a bid to strengthen the personal relationship between two banking communities. This MOU is viewed as significant milestone in their relationship by both banks as the previous MOU which was signed by both banks back in 2017 lead to significant increase in business volumes for both banks and it resulted in growth of trade finance worth over 1 Billion Singapore Dollars. OCCBC bank has an extensive network in Southeast Asia made up of its 570 branches and representative offices which spans across 19 countries.
Given their expertise in handling clients from above mentioned region, the Singapore based banking giant helped clients from bank of Shanghai who were targeting Southeast Asian market for business expansion gain successful entry and market share in the region. Similarly, Bank of Shanghai helped OCBC clients looking to grow in China with its vast wealth of knowledge and business ties in Chinese market. Given ASEAN and Chinese leaders commitment to achieve a joint target of US$ 1 Trillion in trade by 2020, the MOU between these two banks is a major milestone and achievement as they can help clients capture market flow and establish and expand their business across the region which is a critical and crucial role for economic progress in difficult times and dire circumstances.
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