The Monetary Authority of Singapore (MAS) today announced new financial and capital markets initiatives to deepen financial cooperation with China. The initiatives were announced at the 21st Joint Council for Bilateral Cooperation (JCBC) meeting in Chongqing, China, which was co-chaired by Singapore Deputy Prime Minister and Minister of Trade and Industry, Mr Gan Kim Yong, and People’s Republic of China Vice Premier of the State Council, Mr Ding Xuexiang.
2 The initiatives include:
- Appointment of DBS Bank as Singapore's second Renminbi (RMB) clearing bank. With the Industrial and Commercial Bank of China (ICBC) Singapore branch being designated as the first RMB clearing bank in 2013, the appointment of DBS Bank as the second RMB clearing bank in Singapore will support further growth of the offshore RMB market in Singapore, and facilitate the use of RMB for trade, investment and other economic activities in line with regional needs.
- Support secondary listings of A-share companies on the Singapore Exchange (SGX). MAS and the China Securities Regulatory Commission (CSRC) expressed support for Chinese corporates to secondary list in Singapore. This will enable such corporates to access international capital and provide additional funding channels for regional business expansion. To facilitate this, MAS and SGX will be extending the secondary listing framework, including the streamlined prospectus requirements, for companies listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange.
- Commencement of the over-the-counter (OTC) bond market arrangement through Bank of China and DBS Bank. The arrangement enables designated banks in Singapore to provide institutional investors with access to selected fixed income products on the China Interbank Bond Market. It complements Singapore’s strengths as a fixed income and asset management hub, further reinforcing Singapore’s role as a gateway for investors seeking Asian investment opportunities.
- Launch of the e-CNY pilot for Singapore travellers. The e-CNY pilot enables Singapore travellers to open and top-up e-CNY wallets locally
[1] for merchant payments in China. This initiative complements other linkages to enhance payment convenience for travellers.
3 MAS also welcomed progress on the following initiatives:
- Advancement of cross-border green finance cooperation through the Singapore-China Green Finance Taskforce. MAS and PBC will continue to collaborate on updating the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) to promote interoperability between China and Singapore’s green taxonomies, and encourage its adoption in cross-border green transactions
[2] .
- Deeper collaboration in indices and Exchange Traded Funds (ETF) Product Links. Following the successful launch of the CSI SGX Emerging Asia Technology Index in 2024, SGX and China Securities Index launched the CSI SGX Asia 100 Indices in November 2025. MAS and CSRC will also advance cooperation to facilitate more ETF product launches under the China-Singapore ETF Product Links
[3] and expand the equity ETF product suite.
4 MAS also entered into an updated Memorandum of Understanding (MoU) on Financial Cooperation under the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) with the Chongqing Municipal People’s Government to mark the 10th anniversary of the CCI. The MoU will promote financial cooperation in cross-border financing and investments, FinTech innovation and green finance, to facilitate financial services between China’s Western region, Singapore and ASEAN.
5 Mr Chia Der Jiun, Managing Director of MAS, 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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[1] ICBC Singapore branch and BOC Singapore branch will roll out the e-CNY payment service to their customers with a phased approach starting from end 2025.
[2] The first batch of M-CGT-aligned green bonds were listed on SGX in August 2025, with ICBC Singapore branch issuing a dual-currency green bond comprising CNH 3.5 billion and SGD 350 million tranches for carbon reduction projects, while China Merchants Bank Financial Leasing issued a RMB 1.5 billion green bond in China that was listed on SGX. These issuances demonstrate successful cross-border market integration and signal strong early market adoption of our collaborative green finance initiatives.
[3] The ETF Product Links between SGX and the Shenzhen and Shanghai Stock Exchanges, launched in 2022 and 2023 respectively, have improved investors’ access to ETF products in each other’s markets. Ten ETFs have since been launched, with total AUM rising 42.5% year-on-year.
