SINGAPORE, 13 NOV– Xiamen International Bank Group (XIBG) is proud to announce the opening of their first representative office at the 2024 Singapore FinTech Festival which was held last week. The new representative office is formed under the bank’s investment arm subsidiary, Xiamen International Investment Limited (XIIL). The primary purpose of a representative office is to build a cross-border platform to leverage Singapore’s prime location and robust economic environment as well as to strengthen the bank’s presence in Southeast Asia, promoting collaboration and investment opportunities within the dynamic fintech landscape.
The establishment of the new representative office highlights the bank’s dedication to expanding its international reach and taking the lead in being at the forefront of emerging technologies and digital transformation. This initiative reinforces the bank’s strategic intent to engage with the Singaporean market and the city-state’s reputation as a global financial centre to boost its competitive edge and enhance its service offerings such as cross-border finance, green finance and supply chain finance. Additionally, this launch reflects XIBG’s ongoing commitment to its foundational principles of innovation and growth.
Sopnendu Mohanty, Group Chief Executive Officer (Designate), Global Financial Technology Network (GFTN) officiated the key Memorandum of Understanding (MOU) signing on the first day of the festival with Wang Xiaojian, Chairman of XIBG. The annual festival, which attracts fintech leaders and innovators from around the world, provides an excellent platform for networking and showcasing the bank’s vision for the future of finance. XIB is the first partner of the GFTN, supported by the Monetary Authority of Singapore.
“We are excited to launch our first representative office in Singapore who has been a key partner of China for many years and known all over the world for its vibrant fintech ecosystem,” said Wang Xiaojian, Chairman of XIBG. “This initiative reflects our dedication to expanding our global footprint and enhancing our service offerings to meet the evolving needs of our clients. We look forward to contributing to the fintech dialogue and exploring synergies with local and foreign enterprises.”
“Congratulations to XIBG on its international expansion and opening of its first office in Singapore. XIBG’s presence in Singapore’s FinTech ecosystem and its partnership with the GFTN demonstrates its strong commitment to becoming a digitally progressive and leading financial institution that prioritises responsible ESG lending,” added Sopnendu Mohanty, Group Chief Executive Officer (Designate), GFTN.
In 2013, XIB was officially restructured and became Xiamen International Bank Group (XIBG) transforming from a limited liability company to a limited company and also from a joint venture bank to a Chinese commercial bank. In 2017, XIIL successfully acquired 64.31% of Chiyu Banking Corporation (CYB) from Bank of China (Hong Kong), completing XIBG’s prominent presence across mainland China, Hong Kong and Macau. XIBG (including XIB) is the sole proprietor of XIIL, which focuses on investment activities such as asset management, investment banking, venture capital, or private equity. Chiyu Banking Corporation (CYB) and Luso International Banking (LIB) are both subsidiaries of XIIL and members of XIBG.
The representative office is a significant step for XIBG towards securing a strong and sustainable presence in Singapore and for their global footprint. The company will continue to ensure compliance with all local regulations in order to foster a culture of integrity and transparency. Future plans include the opportunity to open a branch in the country with the goal to be a trusted and respected financial institution within the region, contributing positively to the local economy and community.
About Xiamen International Bank Group
Founded on August 31, 1985, and headquartered in Xiamen, Xiamen International Bank Co., Ltd (hereinafter referred to as XIB) is China’s first Sino-foreign joint venture bank and signed a cooperative agreement with the renowned American investment bank Goldman Sachs to mutually recommend consulting and financial services to enterprises.
In 2013, XIB transitioned from a limited liability company to a joint-stock company, converting from a Sino-foreign joint venture bank to a Chinese commercial bank. XIB has wholly owned subsidiaries both in Hong Kong and Macau: Xiamen International Investment Limited (Hong Kong), Luso International Banking Ltd and Chiyu Banking Corporation Limited. Luso International Bank is a commercial bank providing full-range banking services in Macau. Chiyu Banking Corporation is a registered bank and operates 24 branches in Hong Kong and 7 branches in mainland China and has subsidiaries such as Chiyu International Capital Limited and Chiyu Asset Management Limited.
In The Bankers Top 1000 World Banks 2023 list, XIB ranked 154th by total assets and 161st by Tier 1 capital, maintaining its position among the world’s top 200 banks for several consecutive years. XIB Group operates over 140 branches and institutions in Hong Kong, Macau, Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Zhuhai, Xiamen and eight other cities within Fujian Province.
