SG and China to launch E-CNY pilot between both countries
In a groundbreaking move, Singapore and China launched a trio of initiatives to revolutionise digital finance and capital markets between the two nations.
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The primary initiative is the cross-border E-CNY pilot program orchestrated by the Monetary Authority of Singapore (MAS) and the People’s Bank of China Digital Currency Research Institute (PBCDCI).
This pilot is designed to allow travellers from both countries to use e-CNY for their tourism spending in Singapore and China, marking a significant stride in cross-border digital currency utilisation.
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Another milestone in this collaboration is the introduction of the Exchange Traded Funds (ETF) Product Link connecting the Singapore Exchange (SGX) and the Shanghai Stock Exchange (SSE).
The unveiling of this link saw the launch of the CSOP Huatai-Pinebridge SSE Dividend Index ETF and the CSOP iEdge Southeast Asia+ TECH Index ETF on both the SGX and SSE platforms. These ETFs represent the pioneering product pairing under this newly established ETF Product Link.
Additionally, the Singapore Exchange (SGX) and Guangzhou Futures Exchange (GFEX) are poised to collaborate on information exchange, mutual visits, and training, as well as collaborative research initiatives. The focus of this collaboration will be on fostering development in products and business areas related to green development.
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