Singapore, August 27, 2018 –( ASIA TODAY )– China Taiping Insurance Singapore (“CTPIS”), along with its mum or dad – China Taiping Insurance Group (CTIG), introduced main collaborations to spice up commerce, financial and monetary cooperation between Singapore and China to mark its 80th anniversary celebrations at present at Singapore’s St Regis Hotel.
The event can also be a double celebration for the Group as CTPIS obtained its licence as a composite insurer to hold on life enterprise in Singapore from the Monetary Authority of Singapore (“MAS”).
China Taiping Insurance Group is likely one of the 4 state-owned insurance coverage teams instantly managed by China’s central authorities. It has complete property exceeding HKD 666.5 billion (about S$117 billion)1 and 24 subsidiaries with a complete vary of providers including life insurance coverage, property insurance coverage, pension insurance coverage, reinsurance, reinsurance brokerage and insurance coverage company, securities brokerage, asset administration, non-financial funding and different fields.
The historic occasion was graced by the Minister for Trade and Industry, Mr. Chan Chun Sing and the Chinese ambassador to Singapore, His Excellency Mr. Hong Xiaoyong.
The high-level attendance by greater than 300 VIP company (including senior authorities officers. prime administration representatives and trade captains) underscored the occasion’s significance to affirm the robust bilateral financial and commerce relations between Singapore and China.
Mr. Wang Si Dong, Vice Chairman and General Manager, China Taiping Group, stated, “We are honoured and delighted to celebrate this milestone event here today. Our presence in Singapore has been very valuable and strategic. Singapore’s political stability, strong financial and legal fundamentals, economic vibrancy and warm and pro-business policies have helped our Group prosper over the past 80 years. We have invested substantially in Singapore – with our asset base growing multiple-fold and we will continue to strengthen our commitment in the coming years. We intend to designate our Singapore office as the Regional Headquarters (RHQ) to drive the Group’s growth – and continue to benefit from resilient domestic demand and vast public infrastructure investment in key economies, including China under the Belt & Road Initiative (BRI).Today also marks a “double happiness” milestone for us as our subsidiary here received its licence from MAS as a composite insurer to carry on life insurance business in Singapore. This is certainly good news for our business prospects! We will remain committed to help and provide more support to businesses here to take advantage of the wealth of opportunities in the region so that we can all forge ahead to enjoy many more years of prosperity and positive growth.”
On celebrating CTPIS’ 80th anniversary, Deputy General Manager, China Taiping Group and Chairman of China Taiping Insurance Singapore, Mr. Hong Bo commented, “This is certainly a momentous event to have a good time CTPIS’ 80th anniversary at a time when the finance and insurance coverage trade is booming.
“‘Singapore’s finance and insurance coverage sector is expected to develop at 7% this year – outpacing Singapore’s nationwide financial progress – in keeping with a latest ballot finished by the Monetary Authority of Singapore (MAS)2 – which additionally confirmed that Singapore’s finance and insurance coverage sector will take a bigger position in driving financial progress in 2018. “
“These trends” he added “herald brilliant prospects for us as our robust heritage positions us effectively to experience the expansion wave along with our strategic companions in Singapore and abroad. CTPIS has demonstrated outstanding progress and resilience over the years. We are actually on the cusp of even higher progress – as we pursue new alternatives in Singapore and the area with a bigger capital base and a wider group of main enterprises from each the private and non-private sectors. Our mixed strengths will allow us to speed up our progress plans ahead.”
Altogether three offers have been inked between CTIG and main Singapore organisations whereas CTPIS signed strategic agreements with two of China’s largest banks – Singapore Branch – BOC and ICBC. The auspicious event additionally noticed the disclosing of the first Innovation Lab by Chinese enterprises in Singapore by senior officers of China Taiping Insurance Group, Enterprise Singapore, the Chinese Embassy and the Monetary Authority of Singapore (“MAS”).
Partnership with Enterprise Singapore to Promote Belt & Road Initiative (“BRI”) and drive innovation collaboration with the Chinese Insurer’s first Innovation Lab within the area.
CTIG and Enterprise Singapore signed a Memorandum of Understanding (MOU) at present to advertise higher collaboration between Singapore and Chinese companies on regional infrastructure initiatives under the BRI. Both events will even work collectively on CTIG’s Singapore Innovation Lab to discover fintech and innovation alternatives within the area. This marks the first innovation lab by the Chinese insurer within the area.
With this partnership, CTIG and Enterprise Singapore will facilitate the participation of Singapore companies in regional infrastructure initiatives in China and different global markets . CTIG will even work with Enterprise Singapore to help Singapore companies of their BRI investments, including offering asset administration providers, insurance coverage and financing help.
Said Mr Yew Sung Pei, Assistant Chief Executive Officer, Enterprise Singapore, “Enterprise Singapore’s partnership with China Taiping supports our continuous efforts to build a more vibrant and diverse innovation ecosystem in Singapore. China Taiping’s Innovation Lab will provide another avenue for promising global startups to testbed and apply their technologies in a realistic, commercial environment here.”
The MOU between CTIG and Enterprise Singapore was signed by Mr Hong Bo and Mr Wong Choo Sin, Director, China Division of Enterprise Singapore.
Singapore’s Minister for Trade and Industry, Mr Chan Chun Sing, Chinese ambassador to Singapore, His Excellency, Mr Hong Xiaoyong, Mr Yew Sung Pei, Assistant Managing Director of Monetary Authority of Singapore (MAS), Mr Ng Yao Loong, Mr Wang Si Dong, Mr Hong Bo, and General Manager China Taiping Singapore, Mr Yang Yamei, collectively unveiled the Singapore Innovation Lab at present at CTPIS’s 80th anniversary occasion.
The Singapore Innovation Lab will perform incubation actions, develop innovation capabilities, and function a testbed for brand spanking new applied sciences like cellular clever insurance coverage survey options, facial recognition, robotics and Artificial Intelligence buyer administration options, Internet-Of-Things, and large knowledge analytics. Enterprise Singapore will join appropriate Singapore-based startups to CTIG and facilitate collaboration in these areas.
CTIG plans to speculate an preliminary sum of US$2 million to arrange the lab, with an extra sum of US$three million to be injected on the second part.
Intent for Mutual Cooperation with SCCCI to spice up Collaboration
CTIG and SCCCI singed an intent to pursue mission and modern enterprise cooperation for SCCCI’s members. SCCCI at present has greater than 160 commerce affiliation members and 5,000 company members. Its community covers greater than 40,000 multinational companies, government-linked establishments, giant monetary and enterprise organisations and small and medium enterprises from varied industries.
MOU with RMG to collectively present medical/healthcare insurance coverage options in addition to healthcare administration providers and discover health-related actual property alternatives
CTIG and SGX-listed RMG will discover establishing a three way partnership firm in China to supply a spread of medical and healthcare insurance coverage merchandise in addition to healthcare administration providers. The MOU will allow CTIG to nominate RMG as its most popular community of medical suppliers for its insured members (masking particular person and company), workers and their dependents, in addition to associates of CTIG. CTIG and RMG will even co-operate to actively discover alternatives in funding, administration and/or consulting companies in health-related actual property in China including medical services, aged properties and retirement villages.
Strategic Agreements between CTPIS and BOC and CTPIS and ICBC
CTPIS in the meantime inked two strategic agreements with each Bank of China (“BOC”) Singapore Branch and Industrial and Commercial Bank of China Limited Singapore Branch (“ICBC Singapore”) with CTPIS and each banks in collaboration to supply varied monetary options for his or her clients and staff.
Further particulars of the MOUs and Strategic Agreements could be discovered on the connected Factsheet.
Cheque Presentation to the ST School Pocket Money Fund
Following the signing ceremony, CTPIS additionally made the auspicious event extra significant with a notable donation to The Straits Times School Pocket Money Fund (“STSPMF”). A cheque of S$90,000 was offered by Mr. Hong Bo and Mr. Yang Yamei to STSPMF trustee Mr. Arthur Lang and SPH representatives Mr Anthony Tan and Ms. Tan Bee Heong.
“Corporate Social Responsibility is part of our culture of giving back to society. Helping children in their formative years is something we are committed to do as we see this as our responsibility to nurture our next generation. Children are our assets for future growth and we are happy to have this opportunity to contribute to their well-being and development,” stated Mr. Yang.
CTPIS additionally undertook an active 80th anniversary campaign to have a good time this milestone in Singapore. Some of its anniversary actions embrace a fund elevating 5KM Fun Run, out of doors and print promoting campaigns in addition to product promotions for journey, home, maid and motor insurance coverage.
About China Taiping Insurance Singapore
China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) is a number one composite insurer for each life and common insurance coverage companies, originated from Tai Ping Insurance Co. Ltd Singapore Branch established in Singapore since 1938. CTPIS has a monetary energy rating of “A” and issuer credit score rating of “a” by the A.M. Best, and the outlook of those Credit Ratings (rankings) is secure. CTPIS has been assuring our clients in Singapore with monetary peace of thoughts for the final 80 years. Our private insurance coverage safety covers journey, motor, home, private accident, hospital and home maid. Our enterprise insurance coverage contains varied enterprise operation packages, property, casualty (contains work damage compensation), bonds, engineering, marine and medical & well being. CTPIS is wholly owned by China Taiping Insurance Holdings Company Limited (“CTIH”), which was listed on the Hong Kong Stock Exchange in 2000, making it the first Chinese-funded insurer listed abroad.
About China Taiping Group
China Taiping Insurance Group Limited, CTIPS’ mum or dad, is a big transnational monetary and insurance coverage group with 500,000 staff, 24 subsidiaries, greater than 2,000 enterprise shops and complete property of RMB 600 billion. Its enterprise community covers Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. In July 2018, it turned one of many Fortune 500 companies. Its enterprise scope contains life insurance coverage, common insurance coverage, pension insurance coverage, reinsurance, reinsurance brokers and insurance coverage company, web insurance coverage, property administration, securities brokerage, monetary lease, actual property funding, pension trade funding and different enterprise, thus offering our purchasers with one-stop monetary and insurance coverage providers.
About Enterprise Singapore
Enterprise Singapore, previously International Enterprise Singapore and SPRING Singapore, is the federal government company championing enterprise improvement. We work with dedicated companies to construct capabilities, innovate and internationalise.
We additionally help the expansion of Singapore as a hub for global buying and selling and startups. As the nationwide requirements and accreditation body, we proceed to construct belief in Singapore’s services by way of high quality and requirements.
About Raffles Medical Group
Raffles Medical Group Ltd is a number one built-in personal healthcare supplier in Asia included in 1976 and headquartered in Singapore. Raffles Medical Group is listed on the Main Board of Singapore Exchange (SGX: BSL) since 11 April 1997. It runs medical services in fourteen cities in Singapore, China, Japan, Vietnam and Cambodia, with two worldwide hospitals under building in Shanghai and Chongqing. It is the one personal medical supplier in Singapore that owns and operates a totally built-in healthcare organisation comprising a tertiary hospital, a community of household drugs and dental clinics, insurance coverage providers, Japanese and Traditional Chinese Medicine clinics, and a client healthcare division.
About Singapore Chinese Chamber of Commerce and Industry
Established in 1906, the Singapore Chinese Chamber of Commerce & Industry (SCCCI) is an internationally famend enterprise organisation and the apex body of the Chinese enterprise neighborhood in Singapore. It is the founding father of the biennial World Chinese Entrepreneurs Convention, a global enterprise conference. It performs a key and pro-active position in representing the pursuits of the native enterprise neighborhood. In its continued drive for service excellence, the SCCCI has grow to be the first enterprise chamber within the area to be awarded ISO 9001 certification since 1995. In 2009, the Chamber efficiently upgraded its ISO certification to ISO 9001:2008.
The SCCCI has a membership community comprising 5,000 company members and has greater than 160 commerce affiliation members, representing over 40,000 companies including giant monetary and enterprise organisations, multinational companies, government-linked companies, and small and medium enterprises from a large spectrum of trades and industries. These members collectively present huge assets and alternatives which allow the SCCCI to develop an influential global Chinese enterprise community for enterprise, training, tradition and neighborhood improvement. In return, they share a robust sense of pleasure and id collectively and profit immensely from the SCCCI’s membership providers, services and actions.
About Bank of China
Bank of China Singapore Branch (BOCSG) was established in 1936. It holds a Qualifying Full Bank License (QFB) in Singapore since 2012. Out of over 120 overseas banks in Singapore, 10 have obtained this license. BOCSG has a community of 23 monetary contact factors in Singapore, including 13 sub-branches and 10 self-service banking shops, and on the identical time offering banking providers at over 200 automated teller machines by way of the ATM5 community island-wide. Leveraging on the Group’s intensive global community and native experience, it supplies clients with a full suite of banking providers such as conventional industrial banking providers, funding banking providers, and personal banking providers.
BOCSG, on behalf of the Head Office, manages and operates a number of regional enterprise centres, including Commodity Business Unit (which consists of The Commodity Finance Unit, The Global Commodity REPO Centre and The Commodities Trading Desk), Forfaiting Unit, Debt Capital Market Centre (Asia), Private Banking Centre, Card Unit, Innovation Lab and Overseas Training Centre. With the course to help the internationalisation of China and Singapore enterprises, its operations cowl Southeast Asia and prolong to the global market.
Since its institution, BOCSG has been dedicated to innovation and improvement. In 2016, BOCSG was the first Chinese enterprise to be conferred the “Business China Enterprise Award”. In 2017, BOCSG turned a council member of the Association of Banks in Singapore, and was elected because the chairman of the Southeast Asia Regional Committee of the International Trade and Forfaiting Association. BOCSG additionally actively helps RMB internationalisation. It is the pioneer financial institution in providing RMB merchandise in Singapore, and likewise the most important RMB service supplier at present. With the deepening collaboration between China and Singapore, BOCSG will persistently allow development by way of know-how, drive improvement by way of innovation, ship efficiency by way of transformation and improve energy by way of reform, in an effort to construct Bank of China right into a world-class financial institution within the new period, bringing higher contributions to Sino-Singapore relations.
About Industrial & Commercial Bank of China Limited Singapore Branch
Industrial & Commercial Bank of China Limited Singapore Branch (ICBC Singapore), the first abroad establishment of ICBC, was established in 1993. Over years of arduous endeavour, ICBC Singapore has grow to be one of many main industrial banks in Singapore, providing a full vary of monetary services masking retail banking, personal banking, company banking, institutional banking and funding banking.
Issued on behalf of CTPIS:
For extra info, please contact:
Ms. Tham Moon Yee
Mr. Soh Tiang Keng
Mr. Julian Kay
Stratagem Consultants Pte Ltd:
Tel: 65 6227 0502
Fax: 65 6227 5663
China Taiping Insurance (Singapore) Pte Ltd
Tel: (65) 6389 6158
Ms. Tham Moon Yee
Stratagem Consultants Pte Ltd:
Tel: (65) 6227 0502
Mr. Julian Kay
Stratagem Consultants Pte Ltd:
Tel: (65) 6227 0502
About ST School Pocket Money Fund (STSPMF)
The Straits Times School Pocket Money Fund (STSPMF) was began in 2000 as a neighborhood mission initiated by The Straits Times to supply pocket cash to kids from low-income households to help them by way of faculty. The kids can use this cash for school-related bills, such as shopping for a meal throughout recess, paying for transport or utilizing it to fulfill different education wants. The monetary help additionally eases the burden of the numerous dad and mom who’re already struggling to feed their households on their meagre incomes.
The Fund helps greater than 10,000 kids and youth a year. Since the mission began in 2000, the Fund has disbursed greater than $60m and helped over 160,000 instances of youngsters and youth in offering them with month-to-month faculty pocket cash.
STSPMF was established as a Trust on 20 October 2010 with a Board of Trustees and was granted charity standing on 14 November 2011 with Institution of A Public Character (IPC) standing efficient from 1 January 2012.
The funds works with the Ministry of Education, mainstream and particular wants faculties, youth centres, household service centres and kids’s properties in disbursing the funds to college students from low-income households.
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