(Yicai) Dec. 8 -- China and Singapore will allow travelers from both countries to use e-CNY for tourism spending in both countries, providing more convenience for shopping during their overseas travel, said the Monetary Authority of Singapore yesterday.

It is a part of Singapore's new digital finance and capital markets initiatives to expand its financial cooperation with China, it added in a press release.

MAS did not provide further details.

The Singapore Exchange and the Guangzhou Futures Exchange have also signed a memorandum of understanding to work together on information exchange, mutual visits and training, as well as joint research into products and business areas relating to green development, the MAS said.

Singapore’s local banks and China’s UnionPay International have also embarked on early-stage feasibility discussions on a potential link between Singapore’s PayNow and UnionPay for remittances, which could facilitate secure, convenient, and cost-effective cross-border payments between the two countries.

An Exchange Traded Funds Product Link between the Singapore Exchange and the Shanghai Stock Exchange was also announced. It comes after the pair signed an MOU in May. The link aims to offer more opportunities for collaboration between fund managers in the respective markets as well as more access for investors.

Meanwhile, the MAS and the People’s Bank of China are working on key initiatives, including a green corridor for green and transition financing products, as well as capacity building under the China-Singapore Green Finance Task Force which was launched at last year’s Joint Council for Bilateral Cooperation, the MAS said.

Editor: Tom Litting