Jacqueline Loh: Broadening and deepening Shanghai-Singapore cooperation Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the 4th Shanghai-Singapore Financial Forum, Singapore, 27 November 2018. * * * Shanghai Municipal Financial Regulatory Bureau, Director General Dr Zheng Yang Distinguished speakers and guests Ladies and gentlemen, good afternoon. Introduction 1 First, let me thank the Shanghai Municipal Financial Regulatory Bureau (“SFRB”) for hosting the 4th Shanghai-Singapore Financial Forum. It is a great pleasure to see our good friends from Shanghai and Singapore at the forum today. Bilateral cooperation between Singapore and China 2 Over the last five years of China-Singapore financial cooperation, our central banks,  regulators, and financial institutions have achieved significant milestones. In particular, bilateral ties in financial services between Singapore and China strengthened significantly this year on the back of recent high-level visits between both countries. a. In September 2018, Chinese Vice Premier Han Zheng visited Singapore for the 14th Joint Council for Bilateral Cooperation (“JCBC”). The JCBC meeting saw financial agencies from both sides affirm the strong foundations laid through our collaboration in RMB internationalisation. We also agreed to strengthen supervisory cooperation, enhance financial markets connectivity and expand cooperation in the new area of FinTech. b . In October this year, the third China Securities Regulatory Commission (“CSRC”)-  MAS Supervisory Roundtable was held here in Shanghai, chaired by CSRC Vice Chairman Fang Xinghai and MAS Deputy Managing Director Ong Chong Tee.

Shanghai Futures Exchange (“SHFE”), one of China’s largest commodity futures exchanges, established a representative office in Singapore in June this year. Shanghai International Energy Exchange (“INE”), an international futures exchange set up in the Shanghai Free Trade Zone, has been authorised by MAS as a Recognised Market Operator in November 3/5  BIS central bankers' speeches  this year. SHFE and INE chose Singapore to be their first overseas outpost, given Singapore’s position as a key global commodities trading and financial hub, and an important link in the BRI. b. Fullerton Fund Management and APS Asset Management received their private fund management approvals in June 2017 and July 2018 respectively, allowing these asset managers to offer onshore investment products to institutional and high net worth investors in China. c. UOB has reinforced its commitment to China by opening a new headquarters building in Shanghai in November this year. UOB Plaza is the first Grade-A office building owned by a foreign bank in the Lujiazui Financial District. FinTech Collaboration between Shanghai and Singapore  Fourth, nurturing a conducive ecosystem for FinTech companies and start-ups. Together, Shanghai and Singapore can increase the potential for technology and innovative solutions that increase efficiency, improve risk management, create new 9  opportunities, and improve people’s lives. We are pleased that FinTech companies and payment service providers from Shanghai and Singapore are entering into commercial arrangements, bolstering FinTech linkages between both cities. a.