This builds on existing cooperation areas under the first OCBC-Bank of Shanghai MOU such as cross-border trade finance, investment banking and treasury solutions. Capital Market Connectivity and RMB Internationalisation 7 Second, expanding the suite of offshore RMB financial products and facilitating more  investments into China’s capital markets through collaboration between Shanghai and Singapore financial institutions. This would be aligned with China’s goals to open up its capital markets and promote RMB internationalisation. a . China Foreign Exchange Trade System (“CFETS”), Bank of China (“BOC”), and  Singapore Exchange (“SGX”) signed a strategic cooperation agreement in November this year to jointly promote the CFETS-BOC Traded Bond Index and its sub-indices to international investors3. SGX will be the first exchange to distribute the CFETS-BOC Traded Bond Indices outside of China. The launch of the Bond Indices will catalyse the development of tradable China bond products and facilitate greater investments into China’s bond market by international investors. This will enhance the development of China’s bond market, as well as strengthen Singapore’s role as a Global-Asia gateway for asset managers and investors. Mutual Establishment of Financial Institutions from Shanghai and Singapore  Third, we welcome more progress in mutual establishment of financial institutions from both cities. Shanghai and Singapore financial institutions are ramping up their presence in 8  Singapore and Shanghai respectively, reflecting strong confidence from the financial industry and the growing business opportunities available in both cities. a .

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.