Bank of China unveils $6.7b credit intent to fund Singaporean firms' Mainland expansion dreams

Under a new partnership with SBF.

Want to expand in China? Local firms that are part of the Singapore Business Federation (SBF) can get some $6.7b (RMB 30b) in credit from the Bank of China (BOC) over the next three years, BOC and SBF said in a joint statement.

SBF and BOC inked a Memorandum of Understanding (MOU) last week today to foster a strategic partnership in line with China;s "One Belt, One Road" initiative.

Under the agreement, BOC will offer SBF member companies a no-less-than 30 billion RMB credit intent over the next three years. 

With its wide network in the banking and financial industry, BOC will play the role as an intermediary to support SBF member companies to expand into China and the region.

SBF and BOC will also organise regular seminars, business networking sessions and missions for Singapore companies to interact with Chinese enterprises.