May 20, 2020

Singapore and Vietnam sign agreements on LNG and FinTech

ASEAN
singapore
Fintech
Vietnam
2 min
 Singapore and Vietnam sign agreements on LNG and FinTech

A number of MoUs have been signed between Singapore and Vietnam to enable the countries to work together in areas such as FinTech and LNG.

A total of six agreements were signed this week, as Vietnamese Prime Minister Nguyen Phuc visited Singapore.

One such MoU concerns LNG development in Vietnam. Singapore will share information and best practices with Vietnam and the two countries will build up technical capacity between their private and public sectors.

Another MoU was an agreement on financial innovation, in which the two countries stated they would work together to develop FinTech. The Monetary Authority of Singapore (MAS) and the State Bank of Vietnam (SBV) will strengthen their existing cooperation. The partnership will involve innovation between the two countries and ensure that FinTech businesses in each nation understand the regulations and opportunities in the other, to help them trade across a wider market.

See also:

City focus: Singapore’s smart revolution

WeWork: expanding across Asia to promote collaborative working

ASEAN Business and Investment Summit: Trump, migrant workers and North Korea

According to Finextra, the Managing Director of MAS, Ravi Menon, stated: “Singapore and Vietnam share a common interest to improve supervision in our banks, and to promote financial innovation.” He added that the new partnership would “improve the quality of financial services and enhance financial inclusion” across ASEAN.

The media platform also reported that SBV’s Governor, Le Minh Hung, stated: “Vietnam and Singapore have developed close cooperation in the banking sector in the past many years.” He said the signing of the agreements would deepen and broaden cooperation between the financial institutions, “contributing importantly to the development of the strategic partnership between the two countries”.

The countries will also commit to organising events throughout the year to strengthen economic and political relations, as well as working together to reach sustainability goals.

According to Channel News Asia, Singapore’s Prime Minister Lee Hsein Loong stated: “Our two countries are also working closely on sustainable development… NParks is working together with the Hanoi People’s Committee on greenery planting, we support Hanoi’s plans to plant one million trees over the next five years and we hope to see more green spaces.” Hanoi, along with Ho Chi Minh City and Da Nang are set to become part of the ASEAN Smart Cities Network being set up by Singapore.

 

Share article

Jun 7, 2021

Business Chief Legend: Ho Ching, CEO of Temasek

hoching
legend
singapore
Temasek
3 min
Singaporean Ho Ching created the largest listed defence engineering company in Asia, before leading Singapore’s sovereign wealth fund to global success

Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.

Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.

Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.

Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.

As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.

It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.

But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.

As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.

So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.

 

Share article