China Taiping Insurance Singapore (CTPIS), together with its parent - China Taiping Insurance Group (CTIG) - has announced major collaborations to boost trade, economic and financial cooperation between Singapore and China, as the group celebrated the 80th anniversary of the establishment of the Singapore unit.
The occasion was also a double celebration for the Group as CTPIS received its licence as a composite insurer to carry on life business in Singapore from the Monetary Authority of Singapore.
The 80th anniversary fete held was graced by Singapore's Minister for Trade and Industry, Mr Chan Chun Sing and the Chinese ambassador to Singapore, Mr Hong Xiaoyong. More than 300 VIP guests, including senior government officials, top management representatives and industry captains, attended the event.
Mr Wang Si Dong, vice chairman and general manager of China Taiping Group, said, "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).”
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Mr Hong Bo, deputy general manager of China Taiping Group and chairman of China Taiping Insurance Singapore, said, “CTPIS has demonstrated remarkable growth and resilience over the years. We are now on the cusp of even greater growth - as we pursue new opportunities in Singapore and the region with a larger capital base and a wider group of leading enterprises from both the public and private sectors. Our combined strengths will enable us to accelerate our growth plans forward."
Agreements inked
Altogether three deals were inked between CTIG and major Singapore organisations while CTPIS signed strategic agreements with the Singapore branches of two of China's largest banks—BOC and ICBC.
The auspicious occasion also saw the unveiling of the first Innovation Lab by Chinese enterprises in Singapore by senior officials of China Taiping Insurance Group, Enterprise Singapore, the Chinese Embassy and the MAS.
Partnership with Enterprise Singapore
CTIG and Enterprise Singapore, the government agency which promotes enterprise development, signed a Memorandum of Understanding (MoU) yesterday to promote greater collaboration between Singapore and Chinese companies on regional infrastructure projects under the Belt & Road Initiative (BRI).
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Both sides will also work together on CTIG’s Singapore Innovation Lab to explore FinTech and innovation opportunities in the region. This marks the first innovation lab by the Chinese insurer in the region. With this partnership, CTIG and Enterprise Singapore will facilitate the participation of Singapore companies in regional infrastructure projects in China and other global markets. CTIG will also work with Enterprise Singapore to support Singapore companies in their BRI investments, including providing asset management services, insurance and financing support.
Innovation lab
The Singapore Innovation Lab will carry out incubation activities, develop innovation capabilities, and serve as a testbed for new technologies like mobile intelligent insurance survey solutions, facial recognition, robotics and Artificial Intelligence customer management solutions, Internet-Of-Things, and big data analytics. Enterprise Singapore will connect suitable Singapore-based startups to CTIG and facilitate collaboration in these areas. CTIG plans to invest an initial sum of $2m to set up the lab, with an additional sum of $3m to be injected in the second phase.
Intent for mutual cooperation with trade chamber to boost collaboration
CTIG and the Singapore Chinese Chamber of Commerce and Industry (SCCCI) signed an intent to pursue project and innovative business cooperation for SCCCI's members. SCCCI currently has more than 160 trade association members and 5,000 corporate members. Its network covers more than 40,000 multinational companies, government-linked institutions, large financial and business organisations and small and medium enterprises from various industries.
MoU with RMG
An MoU was signed by CTIG and SGX-listed RMG to jointly provide medical/healthcare insurance solutions as well as healthcare management services and explore health-related real estate opportunities.
Both parties will explore setting up a joint venture company in China to offer a range of medical and healthcare insurance products as well as healthcare management services. The MoU will enable CTIG to appoint RMG as its preferred network of medical providers for its insured members (covering individual and corporate), staff and their dependents, as well as affiliates of CTIG.
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CTIG and RMG will also co-operate to actively explore opportunities in investment, management and/or consulting businesses in health-related real estate in China including medical facilities, elderly homes and retirement villages.
Strategic agreements with banks
CTPIS inked strategic agreements with both Bank of China (BOC) Singapore Branch and Industrial and Commercial Bank of China (ICBC) Singapore Branch in a collaboration to provide various financial solutions for their customers and employees.
China Taiping Insurance Group is one of the four state-owned insurance groups directly managed by China's central government. It has total assets exceeding HKD666.5bn (about $98bn) and 24 subsidiaries with a comprehensive range of services including life insurance, property insurance, pension insurance, reinsurance, reinsurance brokerage and insurance agency, securities brokerage, asset management, non-financial investment and other fields.
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