As China is accelerating the opening-up of its financial sector, Shanghai and Singapore, two of Asia's biggest financial hubs, have more opportunities to further their cooperation, officials and investors said at the Lujiazui Forum 2020 on Thursday.

With many participants joining remotely, this year the annual forum has been the least crowded so far. But conversations are still lively, as top finance officials from China attended the event and promised further opening-up.

"Openness is a hallmark of a modern economy and a mature financial market. It is a prerequisite for building a global financial center. The China Securities Regulatory Commission will continue to uphold its commitment to openness and cooperation," said Yi Huiman, chairman of CSRC at the forum.

One area gaining opening momentum this year is asset management. As China scraped ownership limits for foreign fund management firms this April, experts say the sector is going to get competitive.

Shanghai's Lujiazui financial district is home to about 90 global asset management firms, over 90 percent of the nation's total. Nine of the top ten global companies in the industry have set up shop there.

In addition to attracting more institutions, the district aims to explore cooperation with other international financial hubs, such as Singapore.

During the forum, Singaporean Deputy Prime Minister Heng Swee Keat announced that the Singapore Monetary Authority will set up its second representative office in Shanghai later this year.

"The weight of China's assessment management sector doesn't yet match the weight of its GDP. We have much room to grow," James Zhang, general manager of Fullerton Investment Management Shanghai, an asset management firm founded by Singaporean holding company Temasek, told CGTN, expecting the two sides could have a higher connectivity for financial markets, and more unified regulations in the further.