Singapore's regulator opens its doors to the Renminbi Qualified Foreign Institutional Investor licensing, allowing members to invest offshore-RMB in China's Securities Markets, under an aggregate RMB 50 billion programme.
Following the positive discussion between China and Singapore regarding the Renminbi Qualified Foreign Institutional Investor (RNQFII) program that will enable firms to offer RMB investment products and investor into China’s stock markets, the Monetary Authority of Singapore (MAS) has today opened its doors to RNQFII license applications.
As announced previously, Singapore was allocated an aggregate quota of RMB50 billion under China’s RQFII programme. The introduction of the RQFII scheme in Singapore is expected to play a key role in developing a vibrant RMB eco-system there, as noted in the press release. The program is expected to spark the creation of a wider range of RMB products and services to meet investment needs. This follows a similar deal struck with the United Kingdom, for the China-based program.
The applications will be made to China’s financial market regulator, the China Securities Regulatory Commission (CSRC) via approved custodian banks, according to the MAS issued press release. According to the CSRC website, there are 16 approved custodian banks, dated as of June 2012).
MAS Application first for Confirm, Then CSRC Application via Bank
While the licensing will be via China's regulator, eligible firms must first complete a form with MAS to get "confirmed" as CSRC will need the confirmation first from MAS on the eligible entities that could qualify under the programme. This includes MAS providing a 3-year regulatory history for each firm to CSRC, as part of the process.
In addition, the announcement described how Singapore-incorporate financial institutions that are approved by MAS to conduct fund management may apply for licenses, including registered and licensed fund management companies, as well as banks and insurance companies which are exempt from the requirement to hold a Capital Markets Services Licence under Section 99 (1)(a), (b), (c) and (d).
For details relating to the application process, please refer to the “Renminbi Qualified Foreign Institutional Investor (RQFII) FAQ” on MAS’ website.
According to the link on the Chinese Regulator's website, the CSRC-approved custodian banks in China that Singapore-domiciled MAS members can apply include:
QFII Custodian Banks
HSBC Bank(China) Company Limited
CitiBank(China) Company Limited
Standard Chartered Bank(China) Company Limited
Industrial & Commercial Bank of China
Bank of China
Agricultural Bank of China
Bank of Communications
China Construction Bank
China Everbright Bank
China Merchants Bank
Deutsche Bank(China) Company Limited
DBS Bank
China Citic Bank
Shanghai Pudong Development Bank Co.,Ltd.
China Minsheng Bandkingcorp.,Ltd.
Bank of Tokyo-Mitsubishi UFJ (China)
The deal is expected to have positive benefits, according to the outlook of the MAS, and follows widespread attention that China's currency (both on-shore and off-shore) has had in the last year, as its monetary policy shifts and the RMB gains in its FX market share and allure of investors and speculators.
Following the positive discussion between China and Singapore regarding the Renminbi Qualified Foreign Institutional Investor (RNQFII) program that will enable firms to offer RMB investment products and investor into China’s stock markets, the Monetary Authority of Singapore (MAS) has today opened its doors to RNQFII license applications.
As announced previously, Singapore was allocated an aggregate quota of RMB50 billion under China’s RQFII programme. The introduction of the RQFII scheme in Singapore is expected to play a key role in developing a vibrant RMB eco-system there, as noted in the press release. The program is expected to spark the creation of a wider range of RMB products and services to meet investment needs. This follows a similar deal struck with the United Kingdom, for the China-based program.
The applications will be made to China’s financial market regulator, the China Securities Regulatory Commission (CSRC) via approved custodian banks, according to the MAS issued press release. According to the CSRC website, there are 16 approved custodian banks, dated as of June 2012).
MAS Application first for Confirm, Then CSRC Application via Bank
While the licensing will be via China's regulator, eligible firms must first complete a form with MAS to get "confirmed" as CSRC will need the confirmation first from MAS on the eligible entities that could qualify under the programme. This includes MAS providing a 3-year regulatory history for each firm to CSRC, as part of the process.
In addition, the announcement described how Singapore-incorporate financial institutions that are approved by MAS to conduct fund management may apply for licenses, including registered and licensed fund management companies, as well as banks and insurance companies which are exempt from the requirement to hold a Capital Markets Services Licence under Section 99 (1)(a), (b), (c) and (d).
For details relating to the application process, please refer to the “Renminbi Qualified Foreign Institutional Investor (RQFII) FAQ” on MAS’ website.
According to the link on the Chinese Regulator's website, the CSRC-approved custodian banks in China that Singapore-domiciled MAS members can apply include:
QFII Custodian Banks
HSBC Bank(China) Company Limited
CitiBank(China) Company Limited
Standard Chartered Bank(China) Company Limited
Industrial & Commercial Bank of China
Bank of China
Agricultural Bank of China
Bank of Communications
China Construction Bank
China Everbright Bank
China Merchants Bank
Deutsche Bank(China) Company Limited
DBS Bank
China Citic Bank
Shanghai Pudong Development Bank Co.,Ltd.
China Minsheng Bandkingcorp.,Ltd.
Bank of Tokyo-Mitsubishi UFJ (China)
The deal is expected to have positive benefits, according to the outlook of the MAS, and follows widespread attention that China's currency (both on-shore and off-shore) has had in the last year, as its monetary policy shifts and the RMB gains in its FX market share and allure of investors and speculators.
52% Acknowledge Parental Influence: Financial Legacies in Hong Kong
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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