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1. On December 7, 2023, the Monetary Authority of Singapore (MAS) unveiled fresh digital finance and capital market strategies aimed at bolstering financial collaboration with China. These initiatives were discussed upon during the 19th Joint Council for Bilateral Cooperation (JCBC) held in Tianjin. The event was jointly led by Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, and the Executive Vice Premier of the State Council of the People’s Republic of China, Mr. Ding Xuexiang.
2. The outlined initiatives comprise:

• Cross-border E-CNY Pilot between China and Singapore: In the wake of a 2020 Memorandum of Understanding (MOU) on digital finance cooperation between MAS and the Digital Currency Institute of the People’s Bank of China (PBCDCI), both entities are initiating a pilot program. This endeavor will enable travelers from both nations to utilize e-CNY for tourism expenditures in Singapore and China. The primary aim is to enhance convenience for travelers while making purchases during their international journeys.
• Launch of the Exchange Traded Funds (ETF) Product Link between the Singapore Exchange (SGX) and Shanghai Stock Exchange (SSE): Following the successful introduction of the ETF Product Link between SGX and Shenzhen Stock Exchange (SZSE) during the 18th JCBC in 2022, SGX and SSE inked an MOU in May 2023 to establish an ETF Product Link. On December 1, 2023, the CSOP Huatai-Pinebridge SSE Dividend Index ETF and the CSOP iEdge Southeast Asia+ TECH Index ETF were launched on SGX and SSE, respectively, as the pioneering product pairings under this novel ETF Product Link. This auspicious launch heralds expanded collaboration prospects between fund managers in both markets, thereby improving investors’ access to ETF products in each other’s respective markets.
• Signing of MOU between SGX and Guangzhou Futures Exchange (GFEX): SGX and GFEX have formally executed an MOU to facilitate collaboration encompassing information exchange, reciprocal visits, training endeavors, and joint research pertaining to products and business segments associated with green development.

3. Local banks in Singapore and UnionPay International from China have initiated preliminary discussions regarding the feasibility of establishing a remittance connection between Singapore’s PayNow and UnionPay. These discussions adhere to the laws and regulations of each respective jurisdiction. This potential linkage aims to streamline cross-border payments and remittances between the two nations, offering a secure, convenient, and cost-effective solution for such transactions.

4. After its inception during the 18th JCBC, the China-Singapore Green Finance Task Force (GFTF) convened its inaugural meeting in April 2023. Operating within this framework, MAS and the People’s Bank of China are actively engaged in pivotal initiatives. These include the establishment of a green corridor facilitating green and transition financing products, alongside efforts directed at capacity building within this domain.

5. Mr. Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, expressed, “The past year has proven highly productive for financial collaboration between Singapore and China. MAS enthusiastically embraces the fresh ventures in digital finance and capital market connectivity, recognizing their potential to spur novel financial streams between our respective financial hubs. These initiatives are poised to further fortify the trade and economic ties between our economies.”

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