ROBUST, TRUSTED, AND
PURPOSEFUL FINANCIAL CENTRE
- A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
- Growing Our Core Industry Pillars
- Box 2: Singapore as a Global Insurance Marketplace
- New Growth Areas
- Enhancing Workforce Competencies
- Box 3: Milestones in Developing the RMB Market in Singapore
A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
NEW GROWTH AREAS
Singapore is well-placed to develop further as a regional infrastructure financing hub to support Asia's huge infrastructure needs. MAS has continued to work with other government agencies, industry partners and multilateral development banks such as the World Bank and Asian Development Bank (ADB) to develop new initiatives across the infrastructure development and financing value chain. For example, the Asia Infrastructure Centre of Excellence (AICOE), a joint initiative of Singapore and the ADB, commenced operations in April 2014. The AICOE works with governments to identify their infrastructure needs and create a larger pipeline of bankable projects in the region.
Developing a RMB Ecosystem
Singapore's RMB market has grown strongly following the commencement of RMB clearing services by ICBC Singapore branch in May 2013. The use of RMB has gained traction among companies in Singapore and the region. From March 2013 to March 2014, total RMB deposits rose 91% to RMB 220 billion, RMB trade financing grew by 60% to RMB 397 billion and the average daily traded volume for RMB FX in Singapore grew by 415% to US$67 billion.
In October 2013, new RMB initiatives were announced at the Joint Council for Bilateral Cooperation meeting to further promote the international use of RMB through Singapore. These measures included a RMB Qualified Foreign Institutional Investor quota of RMB 50 billion, considering Singapore as an investment destination under the RMB Qualified Domestic Institutional Investor scheme, establishing crossborder RMB channels for registered entities in the Suzhou/Tianjin industrial parks and launching SGD-CNY direct trading.
In February 2014, Singapore and the United Kingdom (UK) announced plans to establish a private-sector led forum on RMB to promote efficient cross-border RMB flows. MAS will continue to work with the industry and our partners to facilitate the growth of RMB activities and the broader ecosystem in Singapore.