Regulatory Alerts2013-05-23
Added · Updated
FSG Circular No. BD 04/2013: Conduct of Renminbi (RMB) Business in Singapore
Banks in Singapore are permitted to open RMB accounts for companies and individuals and conduct RMB-denominated financial services, including deposit-taking, trade settlement, and financing, subject to existing licensing conditions. Participating banks may access the RMB clearing and settlement services provided by the Industrial & Commercial Bank of China Singapore Branch and utilize the MAS RMB liquidity facility, which becomes operational in the third quarter of 2013. All banks in Singapore must submit monthly data on their RMB operations to the Monetary Authority of Singapore for monitoring purposes. Additionally, Singapore-based companies can undertake RMB foreign direct investment into China with expedited approval for investments below RMB 300 million.