Singapore and China have announced a new set of financial and capital markets initiatives aimed at deepening bilateral cooperation, as the two countries look to strengthen cross-border trade, investment and financial connectivity.
The initiatives were unveiled by the Monetary Authority of Singapore (MAS) at the 21st Joint Council for Bilateral Cooperation (JCBC) meeting held in Chongqing, China, co-chaired by Singapore Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong and China’s Vice Premier Ding Xuexiang.
A central pillar of the announcement 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, Singapore’s offshore RMB ecosystem has continued to expand. The addition of DBS Bank is expected to further support the growth of RMB usage for trade settlement, investment flows and other economic activities, in line with rising regional demand and Singapore’s role as a global financial hub.
The two sides also signalled stronger cooperation in capital markets by supporting secondary listings of A-share companies on the Singapore Exchange (SGX). MAS and the China Securities Regulatory Commission (CSRC) expressed support for Chinese corporates seeking to raise international capital through secondary listings in Singapore. To enable this, MAS and SGX will extend the existing secondary listing framework, including streamlined prospectus requirements, to companies listed on the Shenzhen Stock Exchange and the Shanghai Stock Exchange. This move is designed to give Chinese companies additional funding channels to support regional and international expansion.
In fixed income markets, MAS announced the commencement of an over-the-counter bond market arrangement through Bank of China and DBS Bank. Under this arrangement, designated banks in Singapore will be able to offer institutional investors access to selected fixed income products on the China Interbank Bond Market. The initiative complements Singapore’s established strengths in fixed income and asset management, reinforcing its position as a gateway for investors seeking exposure to Asian bond markets.
Digital payments also featured prominently, with the launch of an e-CNY pilot for Singapore travellers. The pilot will allow travellers from Singapore to open and top up e-CNY wallets locally, enabling merchant payments while in China. This initiative is intended to enhance payment convenience and builds on existing payment linkages between the two countries.
Beyond new measures, MAS welcomed progress on existing areas of cooperation, including cross-border green finance through the Singapore-China Green Finance Taskforce. MAS and the People’s Bank of China (PBC) 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 funds, following the launch of the CSI SGX Asia 100 Indices in November 2025 and ongoing efforts to expand the China-Singapore ETF Product Links.
To mark the 10th anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, MAS entered into an updated Memorandum of Understanding on Financial Cooperation with the Chongqing Municipal People’s Government. The updated MoU focuses on cross-border financing, investments, FinTech innovation and green finance, strengthening links between China’s Western region, Singapore and ASEAN.
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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