Virgin Australia’s proposed alliance with aviation powerhouse Singapore Airlines (SIA) has moved a step closer to fruition after regulators in Singapore gave the tie-up the green light.

The Competition Commission of Singapore has cleared the partnership, where the two airlines will co-operate on pricing, scheduling, marketing and sales, as well as codeshare on each other’s flights and offer reciprocal frequent flyer privileges.

The Australian Competition and Consumer Commission (ACCC) approved the alliance in a draft ruling issued last week, and a final decision was expected before the end of the year.

Through working with SIA, Virgin said it would gain access to the Singaporean national flag carrier’s vast network within Asia, one of the fastest-growing aviation markets in the world.

Alliances with international airline partners have been a key plank in chief executive John Borghetti’s bid to capture a greater slice of the corporate travellers market, a market dominated by Qantas.

Virgin, Australia’s number two carrier, already has regulatory approval for partnerships with Etihad Airways, Air New Zealand and Delta Air Lines.

The good news kept coming for Virgin overnight, when Mr Borghetti was named airline chief executive of the year at the annual CAPA Centre for Aviation awards for excellence in Singapore.

The CAPA award was for the chief executive who had the greatest individual influence on the aviation industry in the Asia Pacific region.

CAPA executive chairman Peter Harbison said the Virgin boss had undertaken a remarkably wide range of initiatives to reposition the airline.

“Through his vision and commitment to implementing an innovative airline model, he has pushed the boundaries of industry thinking,” Mr Harbison said in a statement.

“As very much the second force in Australia’s domestic and international market, he has exposed a rapid expansion and repositioning strategy which is there for others to follow.”

Virgin shares closed steady at 35.5 cents on Friday.