Shanghai Pudong Development Bank's President Liu Xinyi (4th R) and Senior Miniser of State for Singapore's Ministry of Trade and Industry Sim Ann (5th R) attend the opening ceremony of the Singapore branch of Shanghai Pudong Development Bank in Singapore on April 12, 2017. (Xinhua/Then Chih Wey)
Shanghai Pudong Development Bank (SPD Bank) announced Wednesday that it had established a branch in Singapore.
The Singapore branch is the first overseas branch of SPD Bank and will spearhead its internationalization strategy, especially in Southeast Asia, the bank said.
Speaking at the opening ceremony on Wednesday evening, Sim Ann, senior minister of the state of Singapore, said financial cooperation is a key pillar of the cooperation between Singapore and Shanghai and the opening of SPD Bank's Singapore branch is a milestone for the internationalization of the bank which brings vitality to Singapore's vibrant financial environment.
The minister said the establishment of SPD bank's Singapore branch will further promote trade and economic exchanges and strengthen the financial cooperation between the two sides.
She expressed the hope the multifaceted cooperation between Singapore and Shanghai will promote the Belt and Road Initiative.
In his speech, Vice Chairman and President of SPD Bank Singapore Liu Xinyi underscored Singapore's pivotal role in the Asia Pacific region and the global financial sector, saying the bank aims to improve its cross-border financial services capabilities via the branch.
"The bank plans to make Singapore Branch our key regional hub, acting as a conduit between our clients and Southeast Asia, and at the same time using the establishment of the Singapore Branch as the new launch-pad of our internationalization strategy," said Liu.
SPD Bank has accelerated its pace of internationalization and comprehensive development in recent years. The Singapore Branch obtained its banking license from the Monetary Authority of Singapore on March 21, according to the bank's press release.