China Life sets up Singapore Branch hastening the pace of internationalisation
China Life Insurance (Singapore) Pte. Ltd. held an opening ceremony to mark its entry into the Singapore market. Dignitaries attending the event included: Mr. Lim Hng Kiang, the Trade and Industry Minister of Singapore, and the Deputy Chairman of Monetary Authority of Singapore (MAS), Mr. Zheng Chao, the Minister Counsellor, Economic & Commercial Office of the China Embassy in Singapore, Yang Mingsheng, Chairman of China Life Insurance (Group) Company, Bai Tao, Vice President of China Life Insurance (Group) Company, Zhao Lijun, Financial Director of China Life Insurance (Group) Company, and management of China Life Insurance (Overseas) Company Limited and the Singapore Company.
Representatives from Singapore' financial institutions, insurers and mainland Chinese institutions in Singapore were also in attendance at this historical event marking an important milestone of China Life.
Chairman Yang Mingsheng said Singapore is a key hub of China Life' overseas strategies to expand its footprint into the Southeast Asia markets. Hence, establishing a company in Singapore carries a monumental significance. China Life has hastened its pace of internationalisation in recent years, and achieved promising prospects in Hong Kong-Macau region. The company has also made important progress in its overseas investments. Singapore and the Southeast Asia market will become one of China Life' key development areas. Chairman Yang Mingsheng sincerely thanked the financial supervisory institutions and the mainland Chinese institutions there for their assistance in the course of setting up China Life Insurance (Singapore) Pte. Ltd. He also hoped that the old and new acquaintances continue to support and care for China Life' development in Singapore.
The Trade and Industry Minister of Singapore, and the Deputy Chairman of Monetary Authority of Singapore (MAS) Lim Hng Kiang, and the Minister Counsellor, Economic & Commercial Office of the China Embassy in Singapore Zheng Chao attended the ceremony and offered their opening speeches. Mr. Lim said as China Life Insurance (Singapore) Pte. Ltd. is China Life's first overseas branch outside China, it marks an important milestone of China Life's venturing abroad in internalising its business. He wished China Life's a smooth development in Singapore and believed Sino-Singapore relation will be more closely intertwined in the next 25 years.
On June 5 and 8, China Life Insurance (Singapore) Pte. Ltd. signed collaborative agreements with the Singapore branches of Bank of China and the Industrial and Commercial Bank of China, respectively. They planned to collaborate further in various areas including deposits, insurance brokerage, renminbi (RMB) innovation, RQFII, custody, bond investment, innovation of insurance brokerage, financial services for employees in order to expand their Singapore market shares. The next plan for the Company' Singapore strategy is to explore and widen its insurance sales channels, mobilise the needs for cross-border insurance business, and leverage its strength in RMB-denominated insurance products so as to support the setup of Singapore' offshore RMB centre and promote the economic and trade flows between the two nations in order to execute China' national strategy of "One Belt, One Road."
China Life is the first mainland Chinese insurance company with Chinese capital to establish a branch outside China since the promulgation of Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry (also known as the "New 10 Rules of State Council").
