Bank of China Approved as Primary Dealer in Singapore

The Bank of China (BOC) has received approval from the Monetary Authority of Singapore (MAS) to operate as a primary dealer, making it the first Chinese bank to achieve this status. This development allows BOC to act as a specialist intermediary for Singapore Government Securities and MAS-issued securities, with responsibilities that include market-making and underwriting auctions.

According to BOC, this appointment marks a significant step in the bank’s deeper participation in Singapore’s financial market and capital market development. The bank aims to enhance its financial services capabilities and foster greater capital market connectivity between China, Singapore, and global markets.

“This appointment marks a significant step in the bank’s deeper participation in Singapore’s financial market.”Bank of China

BOC has a long-standing presence in Singapore, having operated in the city-state for 90 years. Throughout this period, it has participated in various cross-border initiatives, including facilitating access for overseas institutions to China's bond market through its over-the-counter bond business in Singapore. This initiative was highlighted as one of six financial cooperation projects during the 21st Joint Council for Bilateral Cooperation meeting held in Chongqing, China, in 2025.

“The approval could enhance BOC's competitive edge in Singapore's financial sector.”Industry analysts

Industry analysts noted that BOC's new role as a primary dealer could enhance its competitive edge in Singapore's financial sector, especially as the city-state continues to position itself as a leading financial hub in Asia. The MAS has been actively working to attract foreign banks and enhance the capabilities of local institutions, which could lead to increased market activity and investment opportunities.

In recent years, Singapore has seen a surge in foreign banks establishing or expanding their operations, driven by its stable regulatory environment and strategic location. BOC's designation as a primary dealer could further solidify its influence in the region, particularly as it seeks to strengthen ties with ASEAN markets.