MAS launches e-CNY pilot for Singapore travellers

Singapore and China have deepened financial cooperation through new RMB and capital market initiatives, including launching e-CNY pilot for Singapore travelers. The Monetary Authority of Singapore (MAS) said n a statement on Monday that the e-CNY pilot enables Singapore travelers to open and top-up e-CNY wallets locally for merchant payments in China. This initiative complements other linkages to enhance payment convenience for travelers. MAS also highlighted the advancement of cross-border green finance cooperation through the Singapore-China Green Finance Taskforce. MAS and People’s Bank of China (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 transaction. 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. MAS has also announced the 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. MAS and the China Securities Regulatory Commission (CSRC) have 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 Singapore Exchange (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. The duo have also announced the 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. Meanwhile, 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. “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,” said Chia Der Jiun, Managing Director of MAS. MAS and Deutsche Bundesbank sign MoU on tokenization and cross-border settlement