[SINGAPORE] The Bank of China’s (BOC) Singapore branch was approved by the Monetary Authority of Singapore (MAS) to become a primary dealer.
The move sees the institution becoming the first Chinese bank to receive this approval from the authority, a Tuesday (Jul 21) statement noted.
Primary dealers are banks in the city-state approved by MAS to be specialist intermediaries for Singapore Government Securities and MAS-issued securities, with key responsibilities in market-making and underwriting auctions.
BOC said in a statement that the appointment marks a “significant step” in the bank’s deeper participation in Singapore’s financial market and capital market development.
The Chinese bank added that as a primary dealer, it will continue to strengthen its financial services capabilities and contribute to “deeper capital market connectivity between China, Singapore and global markets”.
BOC has been in Singapore for 90 years.
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Over this period, it has engaged in various cross-border initiatives, such as establishing a new channel for overseas institutions to access China’s bond market through over-the-counter bond business in Singapore.
This was recognised as one of the six financial cooperation initiatives announced at the 21st Joint Council for Bilateral Cooperation meeting in 2025.
