Singapore, 7 December 2023 - The Monetary Authority of Singapore (MAS) today announced new digital finance and capital markets initiatives to expand its financial cooperation with China. The initiatives were discussed at the 19 th Joint Council for Bilateral Cooperation (JCBC) in Tianjin, which was co-chaired by Singapore Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, and the People’s Republic of China Executive Vice Premier of the State Council, Mr Ding Xuexiang.
2 The initiatives are:
Singapore’s local banks and China’s UnionPay International have also embarked on early-stage feasibility discussions on a potential remittance linkage between Singapore’s PayNow and UnionPay pursuant to each jurisdiction’s laws and regulations. Such a linkage could facilitate secure, convenient and cost-effective cross-border payments and remittances between the two countries.
Following the establishment of the China-Singapore Green Finance Task Force (GFTF) at the 18th JCBC last year to deepen bilateral cooperation in green and transition finance, the GFTF held its inaugural meeting in April 2023. Under the GFTF, MAS and the People’s Bank of China are working on key initiatives, including a green corridor for green and transition financing products, as well as capacity building.
Mr Leong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, said, “It has been a fruitful year of financial cooperation between Singapore and China. MAS welcomes the new initiatives in digital finance and capital markets connectivity, as these will catalyse new financial flows between our financial centres, and deepen trade and economic relations between our economies.”
Re-disseminated by The Asian Banker