SINGAPORE, Oct. 26 (Xinhua) -- Shanghai Pudong Development Bank (SPD Bank) opened its first overseas commodity center, the SPD Bank Singapore Commodity Center, here on Friday.
The new center will provide commodity businesses from all over the world with its comprehensive suite of commodity-related financial services and solutions, according to a media release from SPD Bank Singapore branch.
"Leveraging Singapore's strategic importance as a global financial hub and commodity trading center, the SPD Bank Singapore Commodity Center hopes to promote the involvement of Chinese enterprises in global commodity trading activities as well as to strengthen the commodity service capabilities of Chinese banks," said Liu Xinyi, vice chairman and president of SPD Bank.
At the center's opening ceremony, Chinese Ambassador to Singapore Hong Xiaoyong expressed his confidence in the growing room for win-win collaboration between China and Singapore, as both countries are committed to an open global economic order and have enjoyed wide-ranging collaboration under the Belt and Road Initiative.
Tan Wu Meng, senior Parliamentary secretary of Singapore's Ministry of Foreign Affairs and Ministry of Trade and Industry, said Singapore has developed a thriving ecosystem by bringing together traders as well as financial, legal and logistical providers, which enables industry players to do business in Singapore quickly and conveniently.
"I firmly believe that the opening of SPD Bank's Commodity Center will add even more vibrancy into this ecosystem, and reinforce Singapore's position as a global commodity trading hub," he said.
According to the media release, SPD Bank is the eighth Chinese bank entering Singapore. It established the Singapore branch, its first overseas branch of SPD Bank, in April 2017.