Singapore's UOB bank aims to ride on China's new round of opening up

The United Overseas Bank Limited aims to ride on China’s new round of reform and opening up by strengthening partnerships to lend support for the country’s economic growth.

The Singapore-headquartered lender, who wants to explore more business opportunities in cross-border financial services, startups and small-and-medium-sized enterprises, as well as financial technology, signed a Memorandum of Understanding on Tuesday with China CITIC Bank Corporation Limited, Ascendas-Singbridge Group, a Singapore-headquartered provider of sustainable urban development and business space solutions and the Lujiazui Administration Bureau of the Shanghai Free Trade Zone.

Peter Foo, president and chief executive officer of UOB (China), said they would connect their customers to more opportunities, within and across borders as China continues to liberalize its financial sector and promote regional initiatives such as the Belt and Road Initiative and Greater Bay Area scheme.

The lender also reaffirmed its long-term commitment to China with a new headquarters based in Shanghai yesterday.

Since start of business in 2008, UOB (China) has expanded its network to 16 branches across 12 major Chinese cities, including Shanghai, Xiamen and Chengdu.