Senior Minister of State for Manpower, and Sustainability and the Environment Koh Poh Koon (third from left); Minister of State for Trade and Industry, and Culture, Community and Youth Alvin Tan (fourth from left); China Construction Bank Singapore General Manager Sun Nianbei (third from right), and Business China CEO Ho Chee Hin (second from right) alongside participants of the Advanced Leaders Programme 2024 in Shenzhen. PHOTO: CHINA CONSTRUCTION BANK SINGAPORE
How Singapore-China Business Matchmaking and Green Finance Initiatives Facilitate Trade and Collaborations
In April this year, business leaders from Singapore and China met at an event hosted by China Construction Bank (CCB) Singapore to matchmake and promote business collaborations between the two countries.
The event, which was held as part of the Business China Advanced Leaders Programme (ALP), was a success in connecting businesses and sharing knowledge. It also showcased innovative practices from the bank’s clientele and companies in nascent technologies, supply chain, green energy and electronics.
Says Mr Ho Chee Hin, CEO of Business China: “Through the insiders’ perspective from key industries, participants get to understand various regions of China through immersive learning, learn and understand the Chinese enterprise psyche, business landscape, and economic paradigm. This will help them gain potential opportunities for investments and development.”
Driving cross-border trade
Over the years, CCB Singapore has leveraged its deep roots in both countries to drive economic cooperation between the two markets.
At the Shenzhen event, CCB Singapore also shared the latest developments of the digital yuan (e-CNY) which was issued by China’s central bank, the People’s Bank of China. Guests were able to download the app and use the e-wallet for purchases in a demonstration.
Senior Minister of State for Manpower, and Sustainability and the Environment Koh Poh Koon (third from left); Minister of State for Trade and Industry, and Culture, Community and Youth Alvin Tan (fourth from left); China Construction Bank Singapore General Manager Sun Nianbei (third from right), and Business China CEO Ho Chee Hin (second from right) alongside participants of the Advanced Leaders Programme 2024 in Shenzhen. PHOTO: CHINA CONSTRUCTION BANK SINGAPORE
Ms Cindy Qi, CEO of LuxeGreen Group and a participant in Business China’s ALP 2024 (pictured above, left), says: “We are used to the more established digital payment methods in China, so it was interesting to learn the features and updates of e-CNY as a new option at CCB’s event in Shenzhen.”
With a 70-year history, China Construction Bank is one of China’s “big four” banks with an extensive network and deep resources to provide innovative financial solutions to promote business growth.
China Construction Bank at a glance
- China Construction Bank serves 757 million personal customers and 10.82 million corporate customers.
- It has 376,871 employees and 14,895 operating entities, including nearly 200 overseas entities covering 31 countries and regions.
- In 2024, it was rated the best investment bank in China by Global Finance magazine.
- It ranks second among global banks by Tier 1 capital and eighth among global banks, with market capitalisation at the end of 2023 of approximately US$151.8 billion (about S$204 billion).
The growing China-Singapore trade has driven up cross-border yuan settlement, doubling CCB Singapore’s market share locally over the past two years. This growth is bolstered by opportunities from the Regional Comprehensive Economic Partnership (RCEP) between 15 Asian nations including China.
With a solid foothold in both markets, CCB Singapore provides services enabling businesses to expand across borders. The bank acts as a bridge, facilitating Chinese firms’ businesses in Singapore and Singaporean companies’ access to China’s vast market.
Says Ms Sun Nianbei, General Manager at CCB Singapore: “We prioritise green finance and fintech innovation while building a comprehensive cross-border financing platform to boost economic cooperation between China and Singapore.”
Advocating greener practices
In line with the global shift towards more climate-conscious practices, CCB Singapore has also made significant strides in green finance. The bank has participated in green bonds issuances and renewable energy projects, allowing companies to contribute to environmental sustainability while pursuing growth opportunities.
In April 2024, CCB Singapore partnered with Gprnt, an environmental, social and governance (ESG) data platform launched by the Monetary Authority of Singapore. This collaboration aims to help small and medium-sized enterprises (SMEs) in both countries reduce carbon emissions, and secure transition financing by enhancing ESG data sharing and standardising assessment frameworks.
In May 2024, CCB Singapore joined a group of five banks led by DBS to provide S$300 million to Terrenus Energy, a Singapore-based clean energy solutions provider. This green loan will fund one of the largest renewable energy projects in Singapore to date – the installation of solar panels on 1,200 public housing blocks, 57 government sites as well as commercial and industrial facilities.
In one of Singapore’s largest renewable projects, CCB Singapore is part of a consortium of banks funding Terrenus Energy with a S$300 million green loan to install solar panels across 1,200 public housing blocks and other key sites. PHOTO: TERRENUS ENERGY
In the same month, the bank helped the housing board (HDB) raise S$900 million by issuing 7-year fixed rate notes. This came after the bank assisted HDB to raise S$1.2 billion in October 2022 through the issuance of 5-year green bonds.
Prior to that, the bank had already raised two billion yuan (S$380.7 million) in its first ESG-themed “Transition Bond” in Singapore. This bond, the first of its kind issued overseas by CCB through its Singapore branch, provides local and regional investors an opportunity to support major ESG projects in China.
Ms Sun notes, “We are committed to contributing to the green and low-carbon development of Singapore and South-east Asia by building an eco-friendly bank together with our employees, customers and business partners.
“CCB Singapore will continue to play its part as a responsible corporate citizen to promote sustainable and high-quality growth in the region by providing not just financial solutions, but also business collaboration opportunities for cross-border trades and businesses,” she adds.
Key milestones of China Construction Bank Singapore
CCB Singapore, which has been awarded a qualifying full bank licence (QFB), offers a full suite of banking services including corporate banking, trade finance, investment banking, private banking and other transactional banking solutions.
- 1998: CCB Singapore commenced business under an offshore banking licence.
- 2010: Upgraded to a wholesale banking licence.
- 2017: Established its Infrastructure Financing Service Centre and Private Banking Centre in Singapore.
- 2020: Awarded a QFB licence by the Monetary Authority of Singapore (MAS), becoming the third Chinese bank to achieve this status in Singapore.
- 2021: Launched the Commodity Trade Financing Centre, Investment Banking Transaction Centre, and Fintech Innovation Centre.
- 2023: Named Excellent CIBM Foreign Institutional Investor by the China Central Depository & Clearing.
Source: The Straits Times
