The Singapore branch of Bank of China Ltd (ASX: BACHY) has been officially designated as a Primary Dealer by the Monetary Authority of Singapore (MAS), marking the first time a Chinese bank has received this qualification.
Significance of the Primary Dealer Role
A Primary Dealer is a professional intermediary approved by the MAS to deal in Singapore Government Securities (SGS) and other MAS-issued securities. These institutions hold core responsibilities such as market-making and underwriting tenders, playing a vital role in fostering the development of Singapore's bond market. This approval represents a significant milestone for Bank of China in its service to Singapore's financial market and its participation in the local capital market's development.
Established Presence and Recognized Expertise
Leveraging its global reach and comprehensive service offerings, Bank of China has been operating in Singapore for ninety years. Its professional capabilities, market influence, and integrated service levels in the financial markets sector have gained broad recognition.
Recent Contributions to Sino-Singapore Financial Cooperation
The bank has been instrumental in promoting connectivity between the Chinese and Singaporean financial markets. It facilitated the inaugural listing of a Panda bond on the Singapore Exchange, an achievement listed among six key financial cooperation outcomes from the 2024 China-Singapore Bilateral Cooperation Joint Council.
It has consistently reinforced its position as a leading provider of Renminbi products and services in the local market. In 2025, its cross-border Renminbi settlement volume surpassed one trillion yuan, with Renminbi futures trading volume reaching 900 billion yuan.
Bank of China pioneered a new channel for overseas institutions to directly invest in China's bond market, launching an offshore counter bond business in Singapore in 2025. This initiative was included among six financial cooperation outcomes from the 2025 China-Singapore Bilateral Cooperation Joint Council.
Looking Ahead
Bank of China intends to use its new status as a Singapore Primary Dealer as an opportunity to further enhance its comprehensive financial service capabilities and contribute more substantially to capital market interconnectivity.
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Bank of China Secures Primary Dealer Status in Singapore, a First for a Chinese Bank
Deep News07-20
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