- Enterprise Singapore and China Taiping Insurance Group (CTIG) signed a Memorandum of Understanding (MOU) to drive opportunities for Singapore companies in the Belt and Road Initiative (BRI) and innovation. The signing was witnessed by Minister for Trade and Industry, Mr Chan Chun Sing, and Chinese Ambassador to Singapore, Mr Hong Xiaoyong at CTIG’s 80th anniversary event.
- The MOU covers two key areas:
Greater collaboration between Singapore and Chinese companies, especially in BRI and infrastructure projects
a) Enterprise Singapore and CTIG will work together to promote economic and financial cooperation between Singapore and Chinese companies on the BRI and regional infrastructure projects. This includes:
- 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.
b) CTIG plans to expand its presence in Singapore by establishing China Taiping Insurance (Singapore) Pte. Ltd (CTPIS) as its regional headquarters here to oversee the business activities in Singapore and the region.
Launch of Singapore Innovation Lab
a) CTIG will set up an innovation lab in Singapore to explore fintech and innovation partnerships in the region. The first such lab run by the Chinese insurer in the region, the Singapore Innovation Lab will carry out incubation activities, develop new innovation capabilities, and serve as a testbed for new technologies. It will focus on mobile intelligent insurance survey solutions, facial recognition, robotics and Artificial Intelligence customer management solutions, Internet-of-Things, and big data analytics. CTIG plans to invest an initial sum of US$2 million, with plans for an additional US$3 million after the two years.
b) Enterprise Singapore will work with CTIG to identify suitable Singapore-based startups for collaboration opportunities in the above areas. The setup of the lab adds to the startup ecosystem in Singapore and adds to the agency’s objective to attract more startups and ideas to Singapore.
3. The partnership will strengthen economic relations between Singapore and China, and aims to drive CTIG’s expansion in Singapore and the region.
