DBS has become the first Singapore bank to be appointed as a Renminbi (RMB) clearing bank by the Chinese central bank, marking a significant enhancement in its RMB capabilities. The bank also received approval to operate in China’s onshore over-the-counter (OTC) bond market, announced during the Joint Council for Bilateral Cooperation meeting in Chongqing on 15 December.
These developments allow DBS to offer more comprehensive RMB solutions, catering to clients seeking to diversify currency risk. With direct access to China’s onshore RMB liquidity, DBS can provide efficient RMB settlement services and facilitate cross-border financial activities. This move is expected to boost investment connectivity and financial innovation across the region.
DBS’s new status enables it to offer a wider range of RMB-denominated instruments and seamless solutions across both onshore and offshore markets. Leveraging Singapore’s position as a global foreign exchange centre, the bank aims to enhance liquidity access and settlement options for its clients.
The bank’s existing capabilities in facilitating cross-border RMB investment are further strengthened. DBS China has been a direct participant in the Cross-Border Interbank Payment System since 2015, and DBS Singapore joined as an overseas direct participant in September 2025.
Lim Soon Chong, Group Head of Global Transaction Services at DBS, expressed honour at the appointment, stating it would enhance liquidity and settlement capabilities for clients. Andrew Ng, Group Head of Global Financial Markets, highlighted the strengthened ability to support clients in China’s financial markets, facilitating regional economic activities and increasing market access.
These advancements position DBS to better serve its clients and contribute to the integration of China’s capital markets with the global financial system.
