Singapore, China deepen financial links through cross-border projects

Financial initiatives aim to boost ASEAN-China connectivity.

Singapore further strengthened its financial relationship with China through several proposed capital market initiatives as announced at the 21st Joint Council for Bilateral Cooperation (JCBC) meeting in Chongqing, China.

According to a statement from the Monetary Authority of Singapore (MAS), DBS Bank was appointed as the country's second Renminbi (RMB) clearing bank, which will aid in the growth of offshore RMB market in Singapore and facilitate the use of RMB for trade, investment and other economic activities in line with regional needs.  

MAS and the China Securities Regulatory Commission (CSRC) also showed support for Chinese companies listing their shares on Singapore Exchange (SGX) to enable them to attract foreign investors.

MAS and SGX are set to streamline the listing process for existing companies listed in Shenzhen or Shanghai Stock Exchanges.

Bank of China and DBS Bank also arranged an over-the-counter bond market to allow the city-state to provide institutional investors with access to selected fixed income products on the China Interbank Bond Market.

The event also tackled the pilot launch of e-CNY, where Singapore travellers can open and top-up e-CNY wallets for merchant payments in China, enhancing payment convenience for travellers.

MAS endorsed the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) to promote green taxonomies between China and Singapore whilst also encouraging the adoption in cross-border green transactions

SGX and China Securities Index launched the CSI SGX Asia 100 Indices in November 2025, following the 2024 launch of the CSI SGX Emerging Asia Technology Index, with MAS and CSRC advancing cooperation to facilitate more Exchange Traded Funds product launches.

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.

It will promote cross-border financing and investments, FinTech innovation and green finance, and facilitate financial services between China’s Western region, Singapore and ASEAN.

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.”