MAS on Financial Sector Cooperation Between Singapore and China
MAS announced that new initiatives are underway to strengthen capital market activities between Singapore and China. These measures will facilitate the growing interest of financial institutions based in Singapore and China to expand in each other’s markets. The initiatives were discussed at the 15th Joint Council for Bilateral Cooperation between Singapore and China, which was co-chaired by Mr. Heng Swee Keat, Singapore Deputy Prime Minister and Minister for Finance, and Mr. Han Zheng, Vice Premier of the State Council of PBC.
The following initiatives have been announced:
- DBS will be granted a Settlement Agent License by PBC. This will enable DBS to trade, settle, and provide custody for the interbank bond market instruments in China on behalf of foreign investors.
- MAS and PBC will establish a cooperation mechanism that enables designated Singapore and Chinese banks to offer custody and trading services for regional and global investors in the bond market in China.
- There have been ongoing discussions between MAS and CSRC to enhance capital market connectivity and the authorities have agreed to strengthen cross-border supervisory cooperation to promote the healthy and stable development of the securities and futures markets.
Keywords: Asia Pacific, Singapore, China, Banking, Securities, Cross-Border Cooperation, Bond Market, DBS, PBC, CSRC, MAS
Previous Article
FSB Report Examines Implementation of OTC Derivative ReformsRelated Articles
PRA Publishes Q&A on Property Valuation Requirements Under CRR
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
IOSCO Consults on Outsourcing Principles for Operational Resilience
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS Consortium to Develop AI Fairness Metrics for Credit Scoring
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE Updates Definitions for BTL Data Collection
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI Examines Financial Stability Implications of Payment Deferrals
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
PRA Finalizes Policy on Prudent Person Principle Under Solvency II
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA on Extending Large Exposure Limits for French Systemic Banks
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
ECB Highlights NPL Resolution as Key Policy Issue in Post-COVID Europe
As part of a Research Bulletin on the recent policy-relevant work, ECB published an article that examines the lessons learned from past crises for nonperforming loan resolution in the post COVID-19 period.
RBNZ Publishes Financial Stability Report for May 2020
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
ECB Updates Guidance on Reporting of Securities Holdings Statistics
ECB updated the guidance notes for reporting related to the statistics on holdings of securities by reporting banking groups (SHSG).
