Singapore levels up financial ties with Eurasian nations

International agreements signed in order to facilitate easier cross-country investments

Singapore levels up financial ties with Eurasian nations

Insurance News

By Gabriel Olano

Singapore is working towards improving financial relations with countries in Asia and Europe, having recently signed a cooperation agreement.

A landmark financial technology (fintech) agreement has recently been signed between the Singapore Fintech Association and Invest Lithuania, a business advisory organisation from the Eastern European country.

The agreement was signed at the 2017 Singapore Fintech Festival last week, and it aims to create “deeper bilateral economic relations as both republics seek to enter each other's regional markets.”

According to a statement by Invest Lithuania, both countries are considered financial hubs in their respective regions, with global talent pools and thriving start-up scenes. It added that Lithuania’s fintech-oriented regulatory environment will offer Singapore another gateway to the post-Brexit European Union, which has over 500 million customers. The same is true vice-versa, with Singapore being a major financial hub in the rapidly growing Asian market.

Meanwhile, Singaporean ambassador to Iran Ong Keng Yong said that authorities from both Singapore and Iran are working to establish financial relations.

“Because banking hurdles have to be resolved, we can improve the level of our relations by establishing more ties between our respective small- and medium-sized enterprises,” Ong was quoted as saying by Iranian daily Financial Tribune.

Iran Chamber of Commerce, Industries, Mines, and Agriculture chief Gholamhossein Shafei stressed the importance of removing obstacles between the banking and insurance industries between both nations. He also proposed efforts to publicise each other’s economies to familiarise businesses with a potential market.

“Such a move would improve bilateral economic knowledge of businesses, especially private sector ones, and would prepare the ground for more investments in key areas with high efficiency,” he said.

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