Shanghai's Lin-gang Special Area welcomes first foreign bank

United Overseas Bank (UOB) China is expected to open a branch in the Lin-gang Special Area in the third quarter of 2022. [Photo/IC]

Singapore's United Overseas Bank will become the first foreign-funded bank to settle in the Lin-gang Special Area – located in East China's Shanghai city – with its new outlet expected to open in the third quarter of this year.

The arrival of the bank shows that foreign investors have full confidence in the development prospects of Lin-gang and China's financial market, according to a statement from the Lin-gang Special Area Administration.

UOB China said it will continue to provide one-stop financial services for Chinese and foreign enterprises with its business network strength in the Association of Southeast Asian Nations – while focusing on creating cross-border financial innovation solutions with the policy advantages of Lin-gang.