- China Taiping Insurance Group ("CTIG"), signs MOUs with Enterprise Singapore, Singapore Chinese Chamber of Commerce & Industry ("SCCCI"), and Raffles Medical Group ("RMG")
- China Taiping Insurance Singapore Pte Ltd ("CTPIS") receives its licence from Monetary Authority of Singapore ("MAS") as a composite insurer to carry on life insurance business in Singapore and inks agreements with Bank of China ("BOC") Singapore Branch and Industrial & Commercial Bank of China Limited Singapore Branch ("ICBC Singapore")
- Historic event graced by Singapore's Minister of Trade & Industry - Mr Chan Chun Sing and Chinese ambassador to Singapore, His Excellency, Mr Hong Xiaoyong
Singapore, August 27, 2018:
China Taiping Insurance Singapore ("CTPIS"), together with its parent - China Taiping Insurance Group (CTIG), announced major collaborations to boost trade, economic and financial cooperation between Singapore and China to mark its 80th anniversary celebrations today at Singapore's St Regis Hotel.
The occasion is 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 ("MAS").
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 HKD 666.5 billion (about S$117 billion)1 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.
The historic event 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 more than 300 VIP guests (including senior government officials. top management representatives and industry captains) underscored the event's significance to affirm the strong bilateral economic and trade relations between Singapore and China.
Mr. Wang Si Dong, Vice Chairman and General Manager, China Taiping Group, said, "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 indeed a momentous occasion to celebrate CTPIS' 80th anniversary at a time when the finance and insurance industry is booming.
“‘Singapore’s finance and insurance sector is expected to grow at 7% this year - outpacing Singapore's national economic growth - according to a recent poll done by the Monetary Authority of Singapore (MAS)2 - which also showed that Singapore’s finance and insurance sector will take a larger role in driving economic growth in 2018. “
“These trends” he added “herald bright prospects for us as our strong heritage positions us well to ride the growth wave together with our strategic partners in Singapore and overseas. 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."
Altogether three deals were inked between CTIG and major Singapore organisations while CTPIS signed strategic agreements with two of China's largest banks - Singapore Branch - 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 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 in the region.
CTIG and Enterprise Singapore signed a Memorandum of Understanding (MOU) today to promote greater collaboration between Singapore and Chinese companies on regional infrastructure projects under the BRI. Both parties 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.
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.”
CTIG has invested in these regional infrastructure projects.
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, jointly unveiled the Singapore Innovation Lab today at CTPIS’s 80th anniversary event.
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 US$2 million to set up the lab, with an additional sum of US$3 million to be injected at the second phase.
Intent for Mutual Cooperation with SCCCI to boost Collaboration
CTIG and SCCCI singed 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 to jointly provide medical/healthcare insurance solutions as well as healthcare management services and explore health-related real estate opportunities
CTIG and SGX-listed RMG 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. 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 between CTPIS and BOC and CTPIS and ICBC
CTPIS meanwhile inked two strategic agreements with both Bank of China ("BOC") Singapore Branch and Industrial and Commercial Bank of China Limited Singapore Branch ("ICBC Singapore") with CTPIS and both banks in collaboration to provide various financial solutions for their customers and employees.
Further details of the MOUs and Strategic Agreements can be found on the attached Factsheet.
Cheque Presentation to the ST School Pocket Money Fund
Following the signing ceremony, CTPIS also made the auspicious occasion more meaningful with a notable donation to The Straits Times School Pocket Money Fund ("STSPMF"). A cheque of S$90,000 was presented 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," said Mr. Yang.
CTPIS also undertook an active 80th anniversary campaign to celebrate this milestone in Singapore. Some of its anniversary activities include a fund raising 5KM Fun Run, outdoor and print advertising campaigns as well as product promotions for travel, home, maid and motor insurance.
1Source: “Total assets of China Taiping Insurance from 2010 to 2017 (in billion Hong Kong dollars)”, www.statista.com/statistics/425080/total-assets-of-china-taiping-insurance – 2017
2Source: "Singapore's finance and insurance sector growth to beat earlier estimate", www.insurancebusinessmag.com/asia/news/breaking-news/singapores-finance-and-insurance-sector-growth-to-beat-earlier-estimate-103359.aspx - 18 June 2018
About China Taiping Insurance Singapore
China Taiping Insurance (Singapore) Pte. Ltd. (“CTPIS”) is a leading composite insurer for both life and general insurance businesses, originated from Tai Ping Insurance Co. Ltd Singapore Branch established in Singapore since 1938. CTPIS has a financial strength rating of “A” and issuer credit rating of “a” by the A.M. Best, and the outlook of these Credit Ratings (ratings) is stable. CTPIS has been assuring our customers in Singapore with financial peace of mind for the last 80 years. Our personal insurance protection covers travel, motor, home, personal accident, hospital and domestic maid. Our business insurance includes various business operation packages, property, casualty (includes work injury compensation), bonds, engineering, marine and medical & health. 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 overseas.
About China Taiping Group
China Taiping Insurance Group Limited, CTIPS’ parent, is a large transnational financial and insurance group with 500,000 employees, 24 subsidiaries, more than 2,000 business outlets and total assets of RMB 600 billion. Its business network covers Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. In July 2018, it became one of the Fortune 500 companies. Its business scope includes life insurance, general insurance, pension insurance, reinsurance, reinsurance brokers and insurance agency, internet insurance, assets management, securities brokerage, financial lease, real estate investment, pension industry investment and other business, thus providing our clients with one-stop financial and insurance services.
About Enterprise Singapore
Enterprise Singapore, formerly International Enterprise Singapore and SPRING Singapore, is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise.
We also support the growth of Singapore as a hub for global trading and startups. As the national standards and accreditation body, we continue to build trust in Singapore’s products and services through quality and standards.
Visit www.enterprisesg.gov.sg for more information.
About Raffles Medical Group
Raffles Medical Group Ltd is a leading integrated private healthcare provider in Asia incorporated 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 facilities in fourteen cities in Singapore, China, Japan, Vietnam and Cambodia, with two international hospitals under construction in Shanghai and Chongqing. It is the only private medical provider in Singapore that owns and operates a fully integrated healthcare organisation comprising a tertiary hospital, a network of family medicine and dental clinics, insurance services, Japanese and Traditional Chinese Medicine clinics, and a consumer healthcare division.
About Singapore Chinese Chamber of Commerce and Industry
Established in 1906, the Singapore Chinese Chamber of Commerce & Industry (SCCCI) is an internationally renowned business organisation and the apex body of the Chinese business community in Singapore. It is the founder of the biennial World Chinese Entrepreneurs Convention, a global business convention. It plays a key and pro-active role in representing the interests of the local business community. In its continued drive for service excellence, the SCCCI has become the first business chamber in the region to be awarded ISO 9001 certification since 1995. In 2009, the Chamber successfully upgraded its ISO certification to ISO 9001:2008.
The SCCCI has a membership network comprising 5,000 corporate members and has more than 160 trade association members, representing over 40,000 companies including large financial and business organisations, multinational corporations, government-linked companies, and small and medium enterprises from a wide spectrum of trades and industries. These members together provide vast resources and opportunities which enable the SCCCI to develop an influential global Chinese business network for business, education, culture and community development. In return, they share a strong sense of pride and identity together and benefit immensely from the SCCCI’s membership services, facilities and activities.
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 foreign banks in Singapore, 10 have obtained this license. BOCSG has a network of 23 financial touch points in Singapore, including 13 sub-branches and 10 self-service banking outlets, and at the same time providing banking services at over 200 automated teller machines through the ATM5 network island-wide. Leveraging on the Group’s extensive global network and local expertise, it provides customers with a full suite of banking services such as traditional commercial banking services, investment banking services, and private banking services.
BOCSG, on behalf of the Head Office, manages and operates several regional business 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 direction to support the internationalisation of China and Singapore enterprises, its operations cover Southeast Asia and extend to the global market.
Since its establishment, BOCSG has been committed to innovation and development. In 2016, BOCSG was the first Chinese enterprise to be conferred the “Business China Enterprise Award”. In 2017, BOCSG became a council member of the Association of Banks in Singapore, and was elected as the chairman of the Southeast Asia Regional Committee of the International Trade and Forfaiting Association. BOCSG also actively supports RMB internationalisation. It is the pioneer bank in offering RMB products in Singapore, and also the largest RMB service provider currently. With the deepening collaboration between China and Singapore, BOCSG will persistently enable advancement through technology, drive development through innovation, deliver performance through transformation and enhance strength through reform, in an effort to build Bank of China into a world-class bank in the new era, bringing greater 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 overseas institution of ICBC, was established in 1993. Over years of arduous endeavour, ICBC Singapore has become one of the leading commercial banks in Singapore, offering a full range of financial products and services covering retail banking, private banking, corporate banking, institutional banking and investment banking.
About ST School Pocket Money Fund (STSPMF)
The Straits Times School Pocket Money Fund (STSPMF) was started in 2000 as a community project initiated by The Straits Times to provide pocket money to children from low-income families to help them through school. The children can use this money for school-related expenses, such as buying a meal during recess, paying for transport or using it to meet other schooling needs. The financial help also eases the burden of the many parents who are already struggling to feed their families on their meagre incomes.
The Fund supports more than 10,000 children and youth a year. Since the project started in 2000, the Fund has disbursed more than $60m and helped over 160,000 cases of children and youth in providing them with monthly school pocket money.
STSPMF was established as a Trust on 20 October 2010 with a Board of Trustees and was granted charity status on 14 November 2011 with Institution of A Public Character (IPC) status effective from 1 January 2012.
The funds works with the Ministry of Education, mainstream and special needs schools, youth centres, family service centres and children's homes in disbursing the funds to students from low-income families.
Issued on behalf of CTPIS:
For more information, 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
Launch of Innovation Lab
China Taiping Insurance Singapore signed MOU with Bank of China Singapore Branch and ICBC Singapore Branch
China Taiping Insurance Group signed MOU with Enterprise Singapore, Raffles Medical Group and Chinese Chamber of Commerce and Industry
80th Anniversary Cake Cutting Ceremony
Article in the Straits Times: https://www.straitstimes.com/business/companies-markets/china-taiping-to-boost-sino-spore-business-links