The Singapore Exchange (SGX) and its Hong Kong counterpart have struck a deal to cooperate in promoting the internationalisation of the Chinese yuan or renminbi.

The SGX and Hong Kong Exchanges and Clearing (HKEx) will explore joint product development, enhance connectivity through points of presence in each other's data centres, collaborate on technology development and regulatory issues.

"The cooperation underlines the growing importance of regional dialogue on topical issues and opportunities in an industry where rapid advancements in market technologies, the impact of supra-national regulations and the international evolution of the offshore renminbi market are on the agenda for market operators, regulators and participants alike," the SGX said in a statement on Wednesday.

SGX chief executive Magnus Böcker said: "Our collaboration with HKEx, through new products and services available on both exchanges, is yet another example how the Asian Gateway enables easier access to Chinese capital markets.

"By including regulatory collaboration in this partnership, we are paving the way for Asian markets to have a more prominent and unified voice regarding global developments and regulatory reforms."