Iran, Singapore agree to boost banking ties

News ID: 3806773 -
TEHRAN, Oct. 26 (MNA) – CBI Governor Seif and his Singaporean counterpart Ravi Menon have called for stronger banking ties as a means of developing economic cooperation.

Governor of Central Bank of Iran (CBI) Valiollah Seif and his accompanying delegation met and talked with Singaporean Central Bank Governor Ravi Menon on Tuesday.

Speaking at the meeting, which was also attended by Iran’s Ambassador to Singapore, Seif said described the latest developments in launching broker relations with various international banks and voiced complete readiness of CBI to resume banking relations with banks of the Asian city-state.

He pointed to the growing interest of both countries’ traders and economic activists for taking advantage of banking services in order to facilitate trade transactions and emphasized the need to provide businessmen with a variety of services like opening letters of credit and issuance of bank guarantees.

He outlined Iran’s international banking activities in terms of compliance with international standards and regulations as highly professional and standard adding “unfortunately, international banks have no clear image of Iranian banks and their performances which gives way to concerns about boosting ties with Iran’s banking network.”

He urged Iranian and Singaporean central banks to launch constructive collaborations in order to alleviate existing concerns.

Also at the meeting, Singaporean Central Bank Governor Ravi Menon voiced readiness to initiate banking relations with the Islamic Republic of Iran.

Menon also called for further sessions between banking systems of the two countries in order to remove ambiguities and reinvigorate effective banking ties.

Later at a separate meeting, Iran’s Valiollah Seif met with Singapore Deputy Prime Minister and Minister of Coordination of Economic Affairs Tharman Shanmugaratnam on Tuesday and the two sides reached agreement to begin a new chapter of banking activities.

During the session, Seif explained existing capacities for expansion of trade and economic relations between the two countries and underlined banking cooperation as a prelude for development of economic ties.

Seif also expressed CBI’s readiness to familiarize Singaporean bankers with the latest banking achievements of Iran and remove possible ambiguities about business with Iranian banks.

He invited the Singapore deputy prime minister to visit Tehran and urged Singaporean government to back bolstering of banking cooperation between the two parties.

Shanmugaratnam, for his part, appreciated Seif for accepting his invitation to visit Singapore and expressed pleasure with outcome of negotiations between the Iranian delegation and Singaporean bankers.

The official further underlined necessity for expansion of economic and trade relations between Iran and Singapore in post-JCPOA era.

In a meeting with senior directors of large Singaporean banks; DBS, OCBC, BTMU and UOB as well as chairman of Singapore banks association, Seif introduced capacities of Iranian banking networks.

He is also slated to deliver speech in first meeting on 'Investment in Iran' today on October 26.

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