Singapore / Beijing — March 25, 2026 — DBS and Bank of China (BOC) have signed a new memorandum of understanding to expand their strategic partnership, with a focus on scaling cross-border renminbi (RMB) usage, trade finance capabilities and financial innovation across Asia.
The agreement, signed on the sidelines of the China Development Forum in Beijing, reflects growing efforts by regional banks to strengthen financial connectivity and support rising intra-Asia trade and investment flows.
Expanding Cross-Border Finance and RMB Integration
The partnership will prioritise collaboration across financial technology, cross-border RMB solutions, sustainable finance and third-party market expansion. Both banks will leverage their regional networks to facilitate trade flows, support the international expansion of Chinese enterprises and enable foreign investment into China.
The banks said the agreement builds on existing cooperation in payments and settlement, debt capital markets, financial markets and trade finance, as well as ongoing initiatives involving digital RMB.
A key focus will be enhancing the use of RMB in cross-border transactions, as financial institutions increasingly align with China’s broader push to internationalise its currency and strengthen its role in regional trade.
Strengthening China–ASEAN Financial Corridors
DBS and BOC will deepen cooperation across key Asian markets, including Singapore, Indonesia and Vietnam, targeting faster and more efficient capital flows across major trade corridors.
Executives from both banks highlighted the role of the partnership in supporting regional economic integration, particularly as supply chains continue to reconfigure within Asia and trade linkages between China and Southeast Asia expand.
The collaboration also includes plans to expand cooperation in bond markets and green finance, reflecting growing demand for sustainable financing solutions across infrastructure and trade-related investments.
Industry Context: Banks Align Around Intra-Asia Trade Growth
The agreement comes amid a broader shift towards intra-Asia trade, as companies diversify supply chains and reduce reliance on traditional transcontinental routes. According to data from organisations such as the Asian Development Bank, regional trade integration within Asia has been steadily increasing, driving demand for more efficient cross-border financing and payment infrastructure.
Banks are responding by strengthening partnerships, investing in digital trade platforms and expanding capabilities in areas such as trade finance, liquidity management and cross-border settlement.
In this context, collaborations between Chinese and Southeast Asian financial institutions are becoming increasingly central to enabling seamless capital movement and supporting corporate expansion across the region.
DBS is a Singapore-headquartered financial services group with operations across 19 markets in Asia.
Digital Trade Outlook’s View: Bank of China
Digital Trade Outlook Analysis
This partnership signals a deeper alignment between major Asian banks to support RMB internationalisation and regional trade financing. As intra-Asia trade accelerates, such collaborations are likely to play a critical role in shaping cross-border financial infrastructure and reducing friction in regional capital flows.
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