UOB signs two MOUs with Chinese Chamber, Qingjian Group
SHANGHAI AND SINGAPORE: United Overseas Bank Ltd ( UOB), the parent company of United Overseas Bank ( Malaysia) Bhd, has deepened its support of Chinese companies expanding through the Belt and Road initiative with the signing of two Memoranda of Understanding ( MOUs).
The first MOU was signed with the Chinese Chamber of International Commerce ( CCOIC), China’s national business association.
The second agreement was with the Qingjian Group Co, Ltd ( Qingjian Group), the largest construction conglomerate in Shandong Province.
According to a press statement, the two MOUs will build on UOB’s existing efforts in facilitating Chinese business investment in Southeast Asia.
Since 2011, UOB has facilitated business flows of more than S$ 43 billion ( RM133 billion) from Chinese companies in the region, with the majority of these flows passing through Singapore before being reinvested in Southeast Asian markets.
In the last 15 months, the Bank has facilitated business inflows of more than S$ 1 billion ( RM3.1 billion) into Malaysia.
UOB deputy chairman and chief executive officer Wee Ee Cheong, said, “China and Southeast Asia form one of the main trade and investment corridors of the Belt and Road initiative. UOB, with deep roots and wide reach in Southeast Asia, is well placed to help Chinese companies understand the opportunities in local markets, develop their entry strategies and navigate the complexities of doing business in the region.”
Under the first MOU, UOB and CCOIC would jointly help Chinese companies, such as those in the infrastructure, new energy and information technology sectors, to tap the Belt and Road initiative and to expand into Southeast Asia.
The agreement with CCOIC is an extension of UOB’s longstanding partnership with the China Council for the Promotion of International Trade ( CCPIT).
UOB is the first and only bank in Southeast Asia to enter into MOUs with both CCPIT and CCOIC.
Through the CCOIC- UOB collaboration, Chinese companies represented by the CCOIC can access the UOB’s comprehensive suite of local and cross- border solutions, as well as ecosystem of strategic partners across the Bank’s Southeast Asian network. Both parties will also facilitate UOB’s regional clients’ projects and business in China.
CCPIT and CCOIC chairman Jiang Zengwei said, “UOB, with its extensive network in Southeast Asia, has been a strong partner for us as we promote China’s economic and trade relations with the region.
“We believe that the CCOICUOB MOU is instrumental in our support of companies across sectors as they seize business opportunities arising from the continued progress of the Belt and Road initiative.”
Under the MOU with Qingjian Group, UOB, as the company’s preferred banking partner in Southeast Asia, will offer financial solutions such as project financing and capital markets advisory services.
Both parties will explore deeper collaboration in the areas of cash management, crossborder trade and investment to boost bilateral cooperation.
The agreement reinforces their strong relationship as UOB continues to support Qingjian Group’s further expansion in the region to help meet the demand for infrastructure – a focus area of the Belt and Road initiative.
Qingjian Group chairman Wang Xian Mao, Chairman said, “The MOU with UOB is testament of our trust in the bank and its commitment to supporting our expansion efforts in Southeast Asia.
“This is key as we increase our regional investments and operations in line with the Belt and Road initiative. We look forward to many more years of cooperation with UOB.”
Through Qingjian Group, UOB will also work with other Shandong- based companies seeking expansion into Southeast Asia and help them realise their regional ambitions.
Both agreements were signed on June 18, 2017 in Qingdao in China’s Shandong Province.
China and Southeast Asia form one of the main trade and investment corridors of the Belt and Road initiative. UOB, with deep roots and wide reach in Southeast Asia, is well placed to help Chinese companies understand the opportunities in local markets, develop their entry strategies and navigate the complexities of doing business in the region. Wee Ee Cheong, UOB deputy chairman and chief executive officer