Bank of China approved by MAS as a primary dealer
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The Bank of China is the first Chinese bank to receive this approval from the authority.
ST PHOTO: KELVIN CHNG
Chloe Lim
SINGAPORE – The Bank of China (BOC)’s Singapore branch has been 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, noted a July 21 statement.
Primary dealers are banks in Singapore approved by the MAS to be specialist intermediaries for Singapore Government Securities and MAS-issued securities, with key responsibilities including market-making and underwriting auctions.
BOC said the appointment marks a “significant step” in the bank’s deeper participation in Singapore’s financial market and capital market development.
The bank added that as a primary dealer, it will continue to strengthen its comprehensive financial services capabilities and contribute to “deeper capital market connectivity between China, Singapore and global markets”.
BOC has operated in Singapore for 90 years. 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 six financial cooperation initiatives announced at the 21st Joint Council for Bilateral Cooperation Meeting held in Chongqing, China in 2025. THE BUSINESS TIMES
