Speech by Minister Chan Chun Sing at the China Taiping Insurance Singapore 80th Anniversary Dinner

SPEECH BY MR CHAN CHUN SING AT THE CHINA TAIPING INSURANCE SINGAPORE 80TH ANNIVERSARY DINNER ON 27 AUGUST 2018 AT 1800 HRS, THE ST. REGIS SINGAPORE

Mr Hong Xiaoyong,

Ambassador of the People’s Republic of China to the Republic of Singapore 

Mr Wang Sidong,                                                                                                                      

Executive Vice Chairman and General Manager of China Taiping Group

Ladies and Gentlemen

1.             Good evening.

2.             It is an honour to be here on this special occasion to celebrate the 80th Anniversary of China Taiping Insurance Singapore. Congratulations to China Taiping on achieving this remarkable milestone.

3.             Bilateral relations between Singapore and China are strong and long-standing. In particular, both countries have enjoyed broad and deep economic cooperation. Singapore was the first Asian country to sign a comprehensive bilateral Free Trade Agreement with China and we are currently upgrading it. In 2017, China remained Singapore’s largest trading partner while Singapore has been China’s largest foreign investor for the fifth consecutive year. 

4.             Businesses play an important role in this relationship. Chinese companies have increased their presence in Singapore over the years and China Taiping is one of the pioneers, having set up operations in Singapore in 1938. Looking after the financial well-being of Singaporeans and local business communities for the past eight decades, China Taiping has helped facilitate linkages between Singapore and China businesses. 

5.             As China Taiping continues to forge ahead, I am glad to know that China Taiping will be deepening your commitment to Singapore. First, let me wish you in advance, success in the setup of your life insurance business in Singapore.

6.             Second, I also learn that China Taiping has plans to promote the Belt & Road Initiative (BRI) among Singaporean and Chinese companies in Southeast Asia. Singapore is an early and strong supporter of the BRI, and is China’s top overseas investment destination along the Belt and Road for the past two years. China Taiping’s collaboration with agencies like Enterprise Singapore, MAS, Infrastructure Asia Office will further support Singapore and Chinese companies investing in the BRI.

7.             Third, Taiping is investing up to USD 5 million to set up an innovation lab in Singapore to explore various FinTech and innovative opportunities in the region. This innovation lab will test-bed new technologies for deployment in the region such as facial recognition, robotics and AI customer management solutions, creating new opportunities for insurance technology start-ups based in Singapore. 

8.             I am confident that China Taiping will enjoy many more years of success in Singapore and I look forward to the continual partnership to promote and support the interest of both countries with the setup of your regional headquarters.

9.             And at this point in time, I would like to make three points. First, China Taiping has been a forerunner in China’s companies and state owned enterprises going beyond China. We have known that in the last few years, the amount of investment going out of China has surpassed the amount of investment going into China. China is in a new phase of growth and we welcome China’s and Chinese companies to participate with Singapore companies to use Singapore as a platform, not just to service the Singapore market but also the regional market.

10.          The second thing is that China Taiping has led by example. Your success in Singapore is not just due to the amount of money that you have put in but your success is also a brand that speaks about the reliability and trust. And this is also the brand that I’m sure many Chinese companies will learn and also want to emulate, because it is only with reliability and trust that businesses will continue to flourish and build the relationship that we want to see.

11.          Last but not least, I must congratulate China Taiping for not just setting up business in Singapore for business sake. Over the years, you have also played an important role in helping to build the community. And because when you put in efforts to be part of the community, you not only do business with the community, you truly become a part of the community, growing with the community. 

12.          I think these three points will help to serve us well in our relationship, not just between China Taiping and businesses but also between Singapore and China. That Singapore is not just an attractive market but is more importantly a platform to reach out to the Southeast Asian market. The brand of reliability and trust is what both countries will share and believe in, in how we do business and how we relate to each other. Last but not least, we do not do just business but we relate and grow together with the community.

13.          On that note, thank you for your contribution to Singapore’s economy, thank you for your partnership and we look forward to more good partnerships not just between China Taiping and businesses but also between China and Singapore.

14.          Thank you.

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