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    MAS on Financial Sector Cooperation Between Singapore and China

    October 15, 2019

    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

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