China: Announced China-Singapore Digital Finance and Capital Markets Cooperation including measures to enable cross-border payments

On 7 December 2023, the Monetary Authority of Singapore (MAS) announced an initiative on digital finance and capital markets aimed at expanding financial cooperation with China and enabling cross-border payments. Among these initiatives is the initiation of a pilot programme enabling travellers from both nations to use e-CNY for tourism expenditures in Singapore and China enabling overseas purchases. Additionally, the initiative includes the introduction of the Exchange Traded Funds (ETF) Product Link connecting the Singapore Exchange (SGX) with the Shanghai Stock Exchange (SSE). Furthermore, there is a collaboration on information exchange, reciprocal visits, training, and joint research concerning products and business areas related to green development.