The Monetary Authority of Singapore announced a package of renminbi, capital markets and payments initiatives with Chinese counterparts to deepen financial cooperation, unveiled at the 21st Joint Council for Bilateral Cooperation meeting in Chongqing. Measures include appointing DBS Bank as Singapore’s second renminbi (RMB) clearing bank, supporting secondary listings of China A-share companies on Singapore Exchange (SGX), commencing an over-the-counter bond market access arrangement, and launching an e-CNY pilot for Singapore travellers. DBS’s designation adds to Industrial and Commercial Bank of China’s Singapore branch, which has served as the first RMB clearing bank since 2013. The secondary listing framework on SGX will be extended, including streamlined prospectus requirements, to companies listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange. Under the OTC bond arrangement, designated banks in Singapore will provide institutional investors access to selected fixed income products on the China Interbank Bond Market via Bank of China and DBS. ICBC Singapore branch and Bank of China Singapore branch will roll out the e-CNY service on a phased basis starting from end-2025, enabling Singapore travellers to open and top up e-CNY wallets locally for merchant payments in China. MAS also signed an updated Memorandum of Understanding on Financial Cooperation with the Chongqing Municipal People’s Government under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, covering cross-border financing and investments, FinTech innovation and green finance. The update also noted ongoing work on the Multi-Jurisdiction Common Ground Taxonomy and further cooperation on indices and exchange-traded fund product links, following the launch of the CSI SGX Asia 100 Indices and an expansion to 10 linked ETFs with assets under management up 42.5% year on year.

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