The Monetary Authority of Singapore (MAS) has said that it will allow all the local eligible financial institutions to submit applications for RQFII license to offer RMB investment products and invest offshore RMB into China’s securities markets.
According to MAS, the applications must be submitted to the China Securities Regulatory Commission (CSRC) through approved custodian banks.
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The eligible institutions will include registered and licensed fund management companies, as well as banks and insurance companies, which are exempted from the requirement to hold a capital markets services license.
MAS is of the opinion that the introduction of the RQFII scheme in Singapore is expected to play a major role in developing a vibrant RMB ecosystem.
The regulator added that the scheme will spur the development of a broader range of RMB products and services to meet investment needs.
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