DBS appointed to RMB clearing bank
19 December 2025 Singapore
Image: orpheus26/stock.adobe.com
DBS has become the first Singapore bank to obtain approval from the Chinese central bank to serve as an renminbi clearing bank 鈥� a big step forward in its RMB capabilities.
In addition, DBS has been given the go-ahead to operate in the onshore over-the-counter (OTC) bond market. The announcement was made during the Joint Council for Bilateral Cooperation meeting held in Chongqing today.
These developments strengthen DBS鈥檚 ability to deliver more comprehensive and competitive RMB solutions when clients are increasingly seeking to diversify their currency risk.
They also enable the bank to provide access to more efficient RMB settlement services and cross-border usage, which can drive greater investment connectivity and financial innovation across the region.
With direct access to China鈥檚 onshore RMB liquidity and its clearing bank status, DBS is able to offer clients wider access to various RMB-denominated instruments and seamless RMB solutions across both onshore and offshore markets.
By leveraging Singapore's position as a global foreign exchange centre, DBS offers greater convenience, improved liquidity access, and enhanced settlement options to support clients' capital and risk management needs.
This builds on the bank鈥檚 existing capabilities to facilitate cross-border RMB investment and financing activities.
DBS China is one of the earliest direct participants in the Cross-Border Interbank Payment System (CIPS), having been a member since 2015.
In September 2025, DBS Singapore was admitted as an overseas direct participant of CIPS.
With the People鈥檚 Bank of China鈥檚 approval for the commencement of OTC bond market arrangements, DBS will be able to facilitate onshore China bond trading and provide custody services offshore, streamlining access to the China bond market and boosts trading convenience, offering overseas investors greater optionality and a more efficient channel to tap China's domestic bonds.
Lim Soon Chong, group head of Global Transaction Services, DBS, says: 鈥淒BS is honoured to have been appointed by the PBOC to play a bigger role in advancing financial cooperation between Singapore and China.
鈥淎s companies seek to build financial resiliency and diversify their currency risk, this appointment ensures that we can deliver deeper liquidity and enhanced settlement capabilities to multiple clients including corporates, investors and respondent banks.鈥�
Andrew Ng, group head of Global Financial Markets, DBS, adds: 鈥淏eing appointed as an RMB clearing bank significantly strengthens our ability to support clients participating in China鈥檚 financial markets.
鈥淭his will create a more seamless bridge between what we can do for them in on- and offshore RMB markets, further facilitating regional economic activities, increasing client choices, and enabling greater market access for issuers and investors alike 鈥� allowing them to tap RMB opportunities with greater confidence and agility.鈥�
In addition, DBS has been given the go-ahead to operate in the onshore over-the-counter (OTC) bond market. The announcement was made during the Joint Council for Bilateral Cooperation meeting held in Chongqing today.
These developments strengthen DBS鈥檚 ability to deliver more comprehensive and competitive RMB solutions when clients are increasingly seeking to diversify their currency risk.
They also enable the bank to provide access to more efficient RMB settlement services and cross-border usage, which can drive greater investment connectivity and financial innovation across the region.
With direct access to China鈥檚 onshore RMB liquidity and its clearing bank status, DBS is able to offer clients wider access to various RMB-denominated instruments and seamless RMB solutions across both onshore and offshore markets.
By leveraging Singapore's position as a global foreign exchange centre, DBS offers greater convenience, improved liquidity access, and enhanced settlement options to support clients' capital and risk management needs.
This builds on the bank鈥檚 existing capabilities to facilitate cross-border RMB investment and financing activities.
DBS China is one of the earliest direct participants in the Cross-Border Interbank Payment System (CIPS), having been a member since 2015.
In September 2025, DBS Singapore was admitted as an overseas direct participant of CIPS.
With the People鈥檚 Bank of China鈥檚 approval for the commencement of OTC bond market arrangements, DBS will be able to facilitate onshore China bond trading and provide custody services offshore, streamlining access to the China bond market and boosts trading convenience, offering overseas investors greater optionality and a more efficient channel to tap China's domestic bonds.
Lim Soon Chong, group head of Global Transaction Services, DBS, says: 鈥淒BS is honoured to have been appointed by the PBOC to play a bigger role in advancing financial cooperation between Singapore and China.
鈥淎s companies seek to build financial resiliency and diversify their currency risk, this appointment ensures that we can deliver deeper liquidity and enhanced settlement capabilities to multiple clients including corporates, investors and respondent banks.鈥�
Andrew Ng, group head of Global Financial Markets, DBS, adds: 鈥淏eing appointed as an RMB clearing bank significantly strengthens our ability to support clients participating in China鈥檚 financial markets.
鈥淭his will create a more seamless bridge between what we can do for them in on- and offshore RMB markets, further facilitating regional economic activities, increasing client choices, and enabling greater market access for issuers and investors alike 鈥� allowing them to tap RMB opportunities with greater confidence and agility.鈥�
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 网爆吃瓜 Finance Times
