SGX, ICBC team up to court Chinese firms in Singapore

The tie-up will focus on REITs, offshore RMB bonds.

Singapore Exchange (SGX) and Industrial and Commercial Bank of China Limited (ICBC) have inked a memorandum of understanding (MOU) in a bid to boost the links between Singapore and China’s capital markets.

According to SGX, under the MOU, the two firms will work together to boost Singapore’s capital markets and bolster Chinese companies looking to list equities or bonds on SGX. Further, the collaboration will focus on REITs and offshore RMB bonds.

Support will include providing guidance on the listing process, listing rules, and post listing marketing support in both China and Singapore.

SGX and ICBC will also explore collaboration in derivatives trading, bond trading and market making of RMB denominated contracts listed on SGX.

“As China’s largest bank and Singapore’s sole RMB clearing bank, we are pleased to be working with SGX to encourage Chinese companies’ participation in Singapore’s capital markets, especially as Chinese companies continue to adopt an increasingly global outlook in their growth, expansion and funding prospects,” stated Zhang Weiwu General Manager of ICBC Singapore branch.