UOB has entered into a strategic partnership with Hengfeng Bank and Shangao Holdings Group to enhance cross-border business growth between China and ASEAN. The tripartite Memorandum of Understanding (MOU) was signed during the 2025 Singapore-Shandong Week at Marina Bay Sands, focusing on green development and infrastructure.
The collaboration will provide comprehensive financial solutions to support the internationalisation of Chinese enterprises, particularly in sectors aligned with green transformation. This includes cross-border trade financing, investment banking, and advisory services tailored to the Belt and Road Initiative.
Shangao Holdings, a subsidiary of Shandong Hi-Speed Holdings Group, specialises in industrial investment in new energy and infrastructure. Hengfeng Bank, headquartered in Shandong, plays a significant role in transaction banking and cross-border initiatives, complementing UOB’s regional network.
UOB and Hengfeng Bank have a longstanding partnership, having first signed an MOU in 2020 and renewed it in 2024. Their joint efforts have facilitated significant cross-border business opportunities, with trade financing and transactions reaching S$574m from January to August this year, up from S$351m in the same period last year.
Eric Lian, Head of Group Commercial Banking at UOB, stated, “This tripartite partnership reflects our commitment to working with Chinese enterprises to capture ASEAN’s growth opportunities.” The signing was part of the China Shandong-Singapore Economic and Trade Cooperation Exchange Conference, attended by senior officials and business leaders from both regions.
