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China's high tech and finance groups flock to Singapore to expand

CHINA's largest technology and financial services companies are stepping up efforts to expand in Singapore, as doors slam shut on mainland groups in the US and India make the Asian finance hub crucial for international growth, reports London's Financial Times

16 September 2020 - 19:00

CHINA's largest technology and financial services companies are stepping up efforts to expand in Singapore, as doors slam shut on mainland groups in the US and India make the Asian finance hub crucial for international growth, reports London's Financial Times.

Alibaba-backed Ant Group, China's second-largest brokerage Haitong Securities, Huawei's cloud division and Tencent-backed digital bank WeBank are among the companies that have in recent months approached Singapore's industry groups about becoming members or partnerships.



'Singapore is benefiting from geopolitical tensions,' said Chia Hock Lai, president of the Singapore Fintech Association, adding that the organization's membership had swelled from 350 groups in March to 780 as of September.



'The worsening of the trade and geopolitical relationship [between Beijing and Washington] is actually accelerating the move and diverting investment out of China,' said Mr Chia.


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