Singapore and China have announced a new set of financial and capital markets initiatives aimed at strengthening cross-border connectivity, expanding investment channels and deepening cooperation between the two markets.
The Monetary Authority of Singapore (MAS) said the measures are designed to reinforce Singapore’s position as a regional financial hub while supporting China’s ongoing engagement with international capital markets.
The initiatives were unveiled at the 21st Joint Council for Bilateral Cooperation (JCBC) meeting in Chongqing, co-chaired by Singapore’s Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong and China’s Vice Premier Ding Xuexiang. The discussions highlighted the growing role of financial collaboration in supporting trade, investment and economic integration between the two countries.
A key development is the appointment of DBS Bank as Singapore’s second Renminbi (RMB) clearing bank. Since the Industrial and Commercial Bank of China (ICBC) Singapore branch was designated as the first RMB clearing bank in 2013, offshore RMB activity in Singapore has expanded steadily. MAS said the addition of DBS Bank is expected to further support the growth of the offshore RMB market and facilitate the use of the Chinese currency for trade, investment and other economic activities across the region.
MAS and the China Securities Regulatory Commission (CSRC) also expressed support for the secondary listing of Chinese A-share companies on the Singapore Exchange (SGX). Under the enhanced framework, companies listed on the Shanghai and Shenzhen stock exchanges will be able to access international capital markets through Singapore, benefiting from streamlined prospectus requirements. The move is intended to provide Chinese corporates with additional funding channels to support regional and international expansion.
Another initiative involves the commencement of an over-the-counter (OTC) bond market arrangement through Bank of China and DBS Bank. This arrangement will allow designated banks in Singapore to offer institutional investors access to selected fixed income products on the China Interbank Bond Market. MAS said the initiative complements Singapore’s strengths in fixed income and asset management, reinforcing its role as a gateway for investors seeking Asian investment opportunities.
The two sides also announced the launch of an e-CNY pilot programme for Singapore travellers. The pilot will enable travellers to open and top up e-CNY wallets locally for use in China, improving payment convenience and complementing existing cross-border payment linkages.
Beyond these new measures, MAS welcomed progress in cross-border green finance cooperation through the Singapore-China Green Finance Taskforce. MAS and the People’s Bank of China will continue working on updates to the Multi-Jurisdiction Common Ground Taxonomy to promote interoperability between green taxonomies and encourage adoption in cross-border green transactions. Collaboration is also deepening in indices and exchange traded fund (ETF) product links, following the launch of the CSI SGX Asia 100 Indices in November 2025.
MAS also entered into 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, marking its 10th anniversary. The agreement focuses on cross-border financing, FinTech innovation and green finance, supporting financial services between China’s western region, Singapore and ASEAN.
Commenting on the developments, MAS managing director Chia Der Jiun said, “Over the years, the deepening financial connectivity between Singapore and China has supported the growth of cross border trade and investment linkages between our economies. We look forward to building on this momentum, through our new initiatives and the continued partnerships between our financial institutions in banking and capital markets.”
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