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 agreement was formalized at the Opening Ceremony of the 2025 Singapore–Shandong Week, held at Marina Bay Sands in Singapore.
The three organizations signed a Memorandum of Understanding (MOU) aimed at providing financial solutions to support the internationalization of Chinese enterprises, especially those involved in green development and infrastructure projects. These solutions will include cross-border trade financing, investment banking, and advisory services that align with the Belt and Road Initiative.
Ms Janice Leong, Executive Director of Corporate Wealth Management for Group Commercial Banking at UOB; Mr Shen Zhenghua, General Manager of Transaction Banking Department at Hengfeng Bank; and Mr Li Tianzhang, Chairman of Shangao Holdings Group signed the MOU. The signing was witnessed by Mr Eric Lian, Managing Director and Head of Group Commercial Banking at UOB; Mr Bai Yushi, President of Hengfeng Bank; and Mr Li Huaifeng, Deputy General Manager of Shandong Hi-Speed Holdings Group.
Shangao Holdings is focused on industrial investment in new energy and infrastructure both within China and internationally. It operates as a subsidiary under Shandong Hi-Speed Holdings Group, which manages toll roads, bridges, and rail transit facilities.
Hengfeng Bank is recognized as a leading commercial bank in China with its headquarters in Shandong province. Its expertise in transaction banking complements UOB’s regional network capabilities as well as Shangao Holdings’ experience in investments. Together they plan to facilitate outbound growth from Shandong into Southeast Asia.
Since 2020, UOB and Hengfeng Bank have collaborated on an international trade service program designed to promote cross-border business activities. From January to August this year alone, S$574 million worth of trade financing, bond transactions, and negotiable certificates of deposit were processed under this framework—an increase from S$351 million during the same period last year.
Mr Eric Lian commented on the collaboration: “This tripartite partnership reflects our commitment to working with Chinese enterprises to capture ASEAN’s growth opportunities. Complementing the strengths of Hengfeng Bank and Shangao Holdings, we are committed to being a trusted partner in ASEAN, connecting businesses to cross-border opportunities with our integrated supply chain platform and extensive trade network. This is anchored on our long-standing heritage and deep understanding of the diverse cultures and languages in the region.”
The MOU signing took place during the China Shandong–Singapore Economic and Trade Cooperation Exchange Conference. The event brought together senior government officials and business leaders from both regions. It was hosted by the Government of Shandong Province along with co-organization by the Secretariat of the Singapore-China Business Association. The initiative also received support from The Shandong Great Business Partner program as well as Enterprise Singapore.