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Singapore and China Advance Digital Finance, Innovation

China Construction Bank (CCB) was recently commended by Deputy Prime Minister Heng Swee Keat for reaching an important milestone in Singapore, which is evidence of the long-lasting collaboration that has developed between the two countries over the past 25 years.

The CCB is one of China’s four largest state-owned banks and is actively expanding its business abroad, with branch offices in Hong Kong, Macau, and Singapore, among other places.

In 1998, when CCB made the bold decision to establish a presence in Singapore, the Asian economies were emerging from the depths of the Asian Financial Crisis. CCB’s move to set up shop in Singapore was a bold show of faith in the future of Asia and a belief that the region was poised for a resilient comeback.

Over the years, CCB has deepened its roots in Singapore, forming vital partnerships and emerging as one of CCB’s largest overseas nodes. DPM Heng Swee Keat, who once led the Monetary Authority of Singapore (MAS), recalls productive meetings with CCB’s leadership regarding their expansion plans in the region.

This partnership led to significant milestones, including MAS upgrading CCB’s Singapore branch to a wholesale bank in 2010 and subsequently to a Qualifying Full Bank (QFB) in 2020.

The timing of this expansion is crucial, as it enables CCB to support Chinese companies looking to explore new opportunities while also contributing to the internationalisation of the renminbi.

Simultaneously, it provides invaluable support to Singaporean companies with aspirations in the Chinese market. Singapore’s status as an international financial centre ensures a plethora of growth opportunities for both CCB and Singapore.

Financial cooperation has been a cornerstone of the enduring relationship between Singapore and China. Recent upgrades in their partnership have expanded the scope of activities, going beyond traditional corporate and commercial lending to include green financing solutions, offshore debt raising, and even FinTech and innovation research in Singapore.

Regulators from both nations have joined hands to explore emerging areas like sustainable and digital finance, aiming to strengthen cross-border collaboration and deepen capital market connectivity within the region.

This is due to the rise of digital technology which has transformed the financial landscape, leading to the emergence of digital finance. This encompasses a wide range of innovations, including mobile banking, digital payments, blockchain technology, and digital currencies.

By exploring digital finance, Singapore and China are not only embracing financial technology (FinTech) but also revolutionising the way financial services are accessed and delivered. This shift has the potential to enhance financial inclusion, streamline transactions, and increase the efficiency of capital markets. Also, it opens doors to cross-border collaboration in developing and adopting cutting-edge FinTech solutions.

By strengthening capital market connectivity, these nations are not only boosting their own financial sectors but also attracting foreign investments, promoting regional economic stability, and potentially positioning themselves as hubs for sustainable and digital finance in Asia.

Innovations in digital finance and technology have revolutionised access to banking services and improved efficiency. CCB’s Fintech innovation lab in Singapore offers a platform for research, technology sharing, and the forging of new partnerships. These innovations are poised to enhance resource allocation, promoting real growth and job creation.

The collaboration between Singapore and China in these emerging areas is a strategic move to shape the financial landscape of the future, where sustainability, innovation, and cross-border cooperation will be key drivers of success.


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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


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