The Investment Management Association of Singapore (IMAS) and the Asset Management Association of Shanghai (AMAOS) have taken a significant step towards fostering cross-border collaboration by signing a Memorandum of Understanding (MOU) on October 12, 2023.
This landmark agreement sets the stage for strengthened ties in the asset management industry between two of Asia’s largest financial centers.
Under the MOU, IMAS and AMAOS have identified five key areas of cooperation:
- Events: Both associations will offer support and participation in each other’s asset management events, promoting knowledge exchange and industry networking.
- Research: The MOU encourages knowledge sharing of industry research findings, facilitating a deeper understanding of market trends and developments.
- Communication: IMAS and AMAOS will engage in the exchange of market intelligence and expertise, enhancing their understanding of each other’s markets.
- Training: The two associations will collaborate on developing innovative education and training materials to promote industry knowledge and skills.
- Collaboration: IMAS and AMAOS will explore mutually beneficial collaborations in various aspects of the asset management industry.
The partnership between IMAS and AMAOS builds upon the earlier relationship-building efforts initiated by the Monetary Authority of Singapore (MAS) when it established a representative office in Shanghai in 2020.
The MOU signing ceremony was attended by notable industry leaders, including Xie Dong, Deputy Mayor of Shanghai; Liu Jing, President of the Bank of China; Liu Feng, Secretary General of the China Banking Association; Chen Chunyan, Secretary General of the Asset Management Association of China; and Huang Jia Jun, Chief Representative of the Monetary Authority of Singapore (MAS).
Carmen Wee, CEO of IMAS, highlighted the growing importance of Singapore as a gateway for Chinese financial institutions seeking to expand their presence in Asia’s financial markets. She emphasized the MOU’s potential to accelerate the growth of Shanghai and Singapore’s financial centers, as well as the broader Asian market.
Li Wen, President of AMAOS, noted the significance of the MOU in the context of the Belt and Road Initiative, marking its 10th anniversary. He emphasized that the agreement would deepen China-Singapore collaboration in asset management and contribute to the internationalization of the Renminbi.
Li Wen also expressed a desire to collaborate with IMAS in various areas, including ETF index investment, ESG responsible investment, fintech, investor education, and talent cultivation, to advance the asset management industry’s development.
BusinessNewsAsia