• Cross-border E-CNY Pilot between China and Singapore. Following the signing of a Memorandum of Understanding (MOU) on digital finance cooperation in 2020 between MAS and the Digital Currency Institute, People’s Bank of China (PBCDCI), MAS and PBCDCI are embarking on a pilot that will allow travellers from both countries to use e-CNY for tourism spending in Singapore and China. This will enhance convenience for travellers when making purchases during their overseas travel.
  
  
• Launch of the Exchange Traded Funds (ETF) Product Link between the Singapore Exchange (SGX) and Shanghai Stock Exchange (SSE).  Building on the successful launch of the ETF Product Link between SGX and Shenzhen Stock Exchange (SZSE) at the 18th JCBC in 2022, SGX and SSE signed an MOU in May 2023 to establish an ETF Product Link. On 1 December 2023, CSOP ^[1] Huatai-Pinebridge SSE Dividend Index ETF and the CSOP iEdge Southeast Asia+ TECH Index ETF were launched on SGX and SSE respectively as the first product pairing under the new ETF Product Link. This successful launch opens up greater collaboration opportunities between fund managers in both markets, and improves investors’ access to ETF products in each other’s markets.
  
  
• Signing of MOU between SGX and Guangzhou Futures Exchange (GFEX). SGX and GFEX ^[2] 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.

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.”

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1. ^[1] CSOP Asset Management was founded in 2008 as an asset management joint venture between Southern Asset Management Co. Ltd. and Oriental Patron Financial Investments Limited. CSOP is a leading asset management company, with about US$12.63 billion in Assets Under Management (AUM) as of 31 Dec 2022.

1. ^[2] In April 2021, China Securities and Regulatory Commission launched GFEX, the 5th futures exchange in China, focusing on products related to green and sustainable development. To date, GFEX has launched two contracts: industrial silicon (Dec 2022) and lithium carbonate futures (July 2023).