DBS China has rolled out cross-border Renminbi (RMB) loans for companies operating from the Suzhou Industrial Park (SIP) in China as part of the new SIP cross-border renminibi (RMB) transactions initiative.
DBS has become one of the first, and the only Singapore-headquartered bank, to pilot this new initiative.
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The recent move follows a new initiative by the government of China, which allowed eligible firms and individuals operating in the Suzhou park to conduct cross-border RMB transactions with Singapore.
DBS China CEO Neil Ge said that the bank is pleased to participate in this new initiative, playing an active role in supporting the transformation of SIP’s financial services sector as well as facilitating RMB internationalisation and contributing to the close bilateral cooperation between China and Singapore.
"Being one of the pioneering banks of this new cross-border RMB lending initiative demonstrates DBS’ strength in cross border connectivity," Neil added.
Currently, the bank’s Singapore headquarters is actively working with companies in the industrial township to prepare for RMB bonds issuance in Singapore.
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