Singapore banks invited to apply for licence to invest directly in China securities
Singapore financial institutions keen on investing directly into China's securities market can now apply for a licence to do so.
The Monetary Authority of Singapore (MAS) said on Friday it has opened applications for the Renminbi Qualified Foreign Institutional Investor (RQFII) licence, which will also allow banks to offers yuan-denominated investment products to their clients.
All Singapore-incorporated financial institutions that are approved by MAS to conduct fund management activities may apply for the licence, the regulator said.
It added that the applications are to be made to the China Securities Regulatory Commission (CSRC) via approved custodian banks.