Enterprise Singapore, a Singaporean government agency, has signed a memorandum of understanding (MoU) with China Taiping Insurance Group (CTIG) to research innovation and business opportunities within the Belt and Road Initiative (BRI).
Enterprise Singapore has stated that the purpose of the MoU is to improve greater collaboration between companies in Singapore and China, including infrastructure projects.
It will also see CTIG launch an innovation lab in Singapore costing an initial sum USD $2 million, with the aim of exploring financial technology (fintech) partnerships in the wider region, especially Artificial Intelligence (AI) and big data analytics.
CTIG will also invest a further $3 million after two years.
Find out more about Singapore by reading a Port Technology technical paper
The BRI is the biggest state-backed infrastructure project in the world and is rumoured to be costing China approximately $900 billion as it builds ports, railways and supply chain technology.
Beijing has invested more in Singapore than in any other country currently participating in the BRI and China accounts for 13% of Singapore’s worldwide trade.
In its statement, Enterprise Singapore set out the key aims of the MoU:
- Facilitating market access and opportunities for Singapore companies to participate in CTIG’s extensive investment projects in the region
- CTIG will support Singapore companies in their BRI investments by providing asset management services, insurance and financial support through debt, private equity or equity investment schemes
- The two will also work together to promote BRI and regional infrastructure projects in Singapore, China and Southeast Asia through forums, roundtable discussions and exhibitions.
Read more:
-
A new one million square foot logistics centre in Singapore aims to help the country become a supply chain hub
-
China's $900 billion BRI hinges on investing heavily in these three ports
