Singapore and China deepen financial cooperation through new RMB and capital market initiatives

28 January 2026

On 15 December 2025, the Monetary Authority of Singapore (“MAS”) 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, Gan Kim Yong and People’s Republic of China Vice Premier of the State Council, Ding Xuexiang.

The initiatives include:

  • the appointment of DBS Bank as Singapore’s second Renminbi (“RMB”) clearing bank. With the Industrial and Commercial Bank of China 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 of secondary listings of A-share companies on the Singapore Exchange (“SGX”). MAS and the China Securities Regulatory Commission 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 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 for merchant payments in China. This initiative complements other linkages to enhance payment convenience for travellers.

MAS also welcomed progress on the following initiatives:

  • Advancement of cross-border green finance cooperation through the Singapore-China Green Finance Taskforce. MAS and the People’s Bank of China will continue to collaborate on updating the Multi-Jurisdiction Common Ground Taxonomy to promote interoperability between China and Singapore’s green taxonomies and encourage its adoption in cross-border green transactions.
  • 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 and expand the equity ETF product suite.

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.

MOUs and agreements announced

The Singapore and China representatives at the JCBC meeting reviewed the progress of bilateral cooperation in a wide range of areas, including the Belt and Road Initiative, third-country cooperation, legal and judicial cooperation, trade, sustainability, food security, the digital economy, green economy, science and innovation, renewable energy, finance, education, public health, human resource development, cultural exchanges, as well as the China-Singapore Guangzhou Knowledge City, which is a State-Level Bilateral Cooperation Project that marked its 15th anniversary in 2025.

MOU on digital new international land-sea trade corridor

On 15 December 2025, the Info-communications Media Development Authority of Singapore (“IMDA”) issued a press release announcing that IMDA, together with the National Data Administration and the Chongqing Municipal People’s Government of the People’s Republic of China, had signed an MOU to strengthen digital cooperation and jointly explore the development of a “Digital New International Land-Sea Trade Corridor”.

This will involve the sharing of information on digital and data policies, the continued operationalisation of the China (Chongqing)-Singapore Information Communication Media Joint Innovation Development Fund, promoting business collaborations in areas like AI, blockchain, and data analytics, and facilitating exchanges and capacity-building for digital-economy professionals.

Through these areas of cooperation, the MOU will complement the existing China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity - New International Land-Sea Trade Corridor, as well as platforms like the bilateral Digital Policy Dialogue. It reflects both countries’ commitment to further deepen cooperation in the digital economy for the mutual benefit of their enterprises and peoples.

Reference materials

The MAS and IMDA press releases are available on their respective websites www.mas.gov.sg and www.imda.gov.sg by clicking here and here.

The following materials are available on the Prime Minister’s Office website www.pmo.gov.sg: