10 December 2023

Singapore and China Enhance Digital Finance and Capital Markets Cooperation 中新两国将加强数字金融和资本市场之合作

On 7 December 2023, Singapore and China unveiled initiatives aimed at bolstering digital finance and capital market ties during the 19th Joint Council for Bilateral Cooperation (“JCBC”) – the apex bilateral platform convened annually to review the substantive collaboration between Singapore and China and chart new direction for cooperation between the two countries.



  1. Cross-border E-CNY Pilot: Travellers from Singapore and China will be allowed to use e-CNY for tourism spending in both nations, simplifying transactions during overseas trips;
  2. Exchange Traded Funds (“ETF”) Product Link: Singapore Exchange (“SGX”) and Shanghai Stock Exchange (“SSE”) established an ETF Product Link, introducing CSOP Huatai-Pinebridge SSE Dividend Index ETF and CSOP iEdge Southeast Asia+ TECH Index ETF on SGX and SSE. This fosters collaboration among fund managers and enhances investor access to ETF products in each other’s markets;
  3. Memorandum of Understanding (“MOU”) between SGX and Guangzhou Futures Exchange: Parties have signed an MOU to collaborate on information exchange, mutual visits and training, and joint research on products and business areas relating to green development;
  4. Remittance Linkage Feasibility Discussions: Singapore’s local banks and China’s UnionPay International are exploring a potential remittance linkage between Singapore’s PayNow and China’s UnionPay to facilitate secure and convenient cross-border payments and remittances; and
  5. China-Singapore Green Finance Task Force (“GFTF”): The GFTF held its inaugural meeting in April 2023 and are working on key initiatives, such as a green corridor for green and transition financing products, as well as capacity building.


  1. https://www.mas.gov.sg/news/media-releases/2023/singapore-and-china-enhance-digital-finance-and-capital-markets-cooperation
  2. https://www.todayonline.com/world/pm-lee-xi-jinping-singapore-china-relations-2142281

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