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Shadab Taiyabi, president of the Singapore Fintech Association, delivers a speech at the signing ceremony via video link on July 9. [Photo/liangjiang.gov.cn]

Liangjiang New Area in Southwest China's Chongqing held a signing ceremony on July 9 for a strategic cooperation contract on building a China-Singapore fintech industry demonstration base, which was signed by seven sides – the Chongqing China-Singapore Demonstration Programs Management Bureau, the Chongqing Local Financial Supervision and Administration Bureau, the Chongqing Operations Office of the People's Bank of China, the Chongqing Liangjiang New Area Administrative Committee, Chongqing Jiangbei district's government, Chongqing Jiangbeizui Central Business District Investment Group Co, and the National Financial Certification Center.

According to the agreement, the seven sides will first build a demonstration base in Liangjiang's Jiangbeizui financial core area, which will serve as a pilot platform for the China-Singapore Fintech Cooperation Demonstration Zone, making the zone a fintech innovation hub in western China and Asia.

Zeng Jinghua, director of the Chongqing China-Singapore Demonstration Programs Management Bureau, said at the ceremony that Singapore has been advancing the construction of the smart financial center in recent years, and has gradually become a place where fintech firms from the Asia-Pacific region converge. Chongqing has also developed local fintech application pilot zones, fintech innovation supervision pilot zones, and the National Financial Certification Center.

Qin Shubin, member of the Chongqing Liangjiang New Area Party Work Committee and vice-director of the Chongqing Liangjiang New Area Administrative Committee, said the new area has accelerated the development of fintech and smart finance and is building an open collaboration system with ASEAN countries. Its financial sector is now on a high-quality development track.

Liangjiang will strengthen practical cooperation with all sides signing the contract in policy innovation, digitalization of the New International Land-Sea Trade Corridor, financial standards, and international talent training programs, Qin added.