Singapore expands list of Chinese qualifying full banks

Two more Chinese banks will gain qualifying full bank privileges, one of which will also be authorised as a clearing bank for Renminbi.

According Ministry of Trade and Industry, China has promised to expeditiously process all applications made by selected Singapore banks for the establishment of branches and sub-branches in China, in return for Singapore's accomodation of its bank services expansion.

The enhanced banking services cooperation came as Singapore and China exchanged side letters to enhance the existing China–Singapore Free Trade Agreement which was signed in 2008. Implementation details will be worked out by the relevant financial agencies in Singapore and China in due course.