Singapore's DBS and China's Bank of China have signed a memorandum of understanding to deepen their longstanding partnership and accelerate financial innovation to enable greater trade and investment flows across the region. Signed in Beijing on the sidelines of the China Development Forum and announced on 25 March 2026, the agreement charts a course for deepened collaboration in financial technology, regional connectivity, and sustainable finance.
STRATEGIC PACT UNVEILED
The MOU builds on a longstanding partnership between the two banks.
Key focus areas include financial technology innovation, regional connectivity, cross-border RMB solutions, third-party market expansion, and sustainable finance. The banks aim to support Chinese enterprises venturing into international markets while facilitating global investments into China. Target markets include China and regional overseas markets such as Singapore, Indonesia and Vietnam. "Economic and trade cooperation between China, Singapore and the region has continuously deepened, demonstrating resilience and structural growth," Tan Su Shan, CEO of DBS Group, stated. "BOC is a long-term valued partner of DBS. Building on that foundation, this MOU symbolises our renewed commitment to support global growth, drive regional development and create more impactful collaboration."
BOOSTING CROSS-BORDER FLOWS
DBS, headquartered in Singapore and operating across 19 markets, holds "AA-" and "Aa1" credit ratings, among the world's highest. The two banks already cooperate in payments and settlement, debt capital markets, financial markets, trade finance, cross-border custody and digital RMB.
Ge Haijiao, Chairman of Bank of China, highlighted the synergy: "DBS is the largest bank in Southeast Asia while BOC is a driving force serving cross-border trade and financial exchanges between China and ASEAN. Both have sound cooperative relationships across the region and have engaged in close cooperation in areas including payments and settlement, debt capital markets, financial markets, trade finance, cross-border custody and digital RMB. Looking ahead to the '15th Five-Year Plan' period, both partners will continue to embrace broader cooperation and development opportunities. BOC will work with DBS to enable the international use of RMB, cultivate greater financial innovation and green finance, while jointly driving intra-regional cooperation to yield more fruitful results for our stakeholders."
Tan said DBS looks forward to partnering BOC "to strengthen cooperation in bond markets, trade finance and third-party markets, as well as facilitate the broader use of RMB, injecting new capital and innovation into regional development."
FINTECH AND SUSTAINABLE FOCUS
Financial technology innovation and sustainable finance are among the five target areas named in the MOU.
The partners say they will leverage their respective strengths to deepen joint strategic cooperation in the Chinese and regional overseas markets.
REGIONAL MARKET EXPANSION
DBS and BOC plan to cooperate in third-party markets to support Chinese enterprises expanding overseas.
The MOU was signed by Sherman Hung, Deputy CEO and Head of Institutional Banking Group of DBS China, and Li Kexin, General Manager of BOC's Financial Institutions Department, and witnessed by Tan and Ge.