DBS becomes first Singapore bank to be appointed RMB clearing bank

Singapore, Regional, 15 Dec 2025 - DBS announced today that it is the first Singapore bank to obtain approval from the Chinese central bank to serve as an RMB clearing bank – marking a major 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’ ability to deliver more comprehensive and competitive RMB solutions at a time 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’s onshore RMB liquidity and its clearing bank status, DBS is able to deliver a more holistic RMB proposition – offering clients wider access to various RMB-denominated instruments and seamless RMB solutions across both onshore and offshore markets. Furthermore, 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’s 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.

DBS is a leading foreign underwriter in China’s Panda Bond market, actively assisting international issuers in accessing RMB funding channels. Concurrently, the bank facilitates offshore investor participation in onshore RMB-denominated assets through multiple avenues including Bond Connect, interbank bond market settlement agency services and QFII/RQFII programmes, thereby enabling cross-border RMB investment and strengthening China's capital markets integration with the global financial system.

With the People’s Bank of China’s approval for the commencement of OTC bond market arrangements, DBS will also be able to facilitate onshore China bond trading and provide custody services offshore. This streamlines access to the China bond market and boosts trading convenience, offering overseas investors greater optionality and a more efficient channel with which to tap China's domestic bonds.

Lim Soon Chong, Group Head of Global Transaction Services, DBS, said: “DBS is honoured to have been appointed by the PBOC to play a bigger role in advancing financial cooperation between Singapore and China. As 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.”

Andrew Ng, Group Head of Global Financial Markets, DBS, said: “Being appointed as an RMB clearing bank significantly strengthens our ability to support clients participating in China’s financial markets. This 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 – allowing them to tap RMB opportunities with greater confidence and agility.”




About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.