Singapore’s UOB Asset Management awarded RQFII licence with 1.2b ($193m) RMB quota

UOB Asset Management (UOBAM) this week announced it has been awarded a Renminbi Qualified Foreign Institutional Investor (RQFII) licence and a 1.2 billion yuan (Singapore$258.3 million) (USD$193m) RQFII quota, a UOB spokesman said on Monday.

United Overseas Bank Limited (UOB) is the Singpore based bank holding company of UOB Asset Management. The Singaporean asset manager plans to launch three China based funds for investors in the coming months. These are RMB (reminbi) Onshore Money Market Fund, RMB Onshore Bond Fund and RMB Onshore Equity Fund.

Earlier this month UOB announced it has established a specialized Renminbi (RMB) solutions team to help more enterprises take advantage of managing their cross-border business in RMB. UOB has been increasing their Chinese market capabilities for the last few years. As such, back in 2013 UOB established a Foreign Direct Investment (FDI) Advisory Unit in China. This unit connects with other such units in the UOB network to help Chinese enterprises expand into the region by providing access to the Bank’s full suite of corporate and personal banking products.

Thio Boon Kiat, UOBAM’s managing director and chief executive officer stated: “The yuan is becoming increasingly internationalized. By offering yuan-denominated onshore solutions to our clients, UOBAM will be able to offer investors direct access to mainland China’s onshore equity and fixed income markets. This will provide them with the opportunity to participate in China’s financial market and be a part of its growth.”

For more information on UOB Funds, click here.

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