Singapore, China roll out digital renminbi pilot for tourists

Record 27 MOUs, agreements signed after talks between top leaders from both sides

- Aw Cheng Wei China Correspondent

Singapore and China announced a record 27 deals after top-level talks on Dec 15, including a pilot scheme to let Singaporean tourists use digital renminbi in China.

Starting in December, the Singapore branches of the Industrial and Commercial Bank of China (ICBC) and the Bank of China (BOC) will roll out the pilot in phases, enabling customers to open and top up digital renminbi wallets.

Digital renminbi payments can be made in China without internet, as long as users have phones equipped with near-field communication technology. China is one of the top destinations for Singapore travellers.

The new deliverables, spanning sectors from health and food to the digital economy, come as both countries call for deeper and broader bilateral ties amid geopolitical uncertainties, rapid technological changes and economic headwinds.

Against this backdrop, “it is therefore all the more important for Singapore and China to continue to find ways to cooperate, anticipating challenges and capitalising on new opportunities”, said Deputy Prime Minister Gan Kim Yong, speaking at the Joint Council for Bilateral Cooperation (JCBC), the two countries’ apex bilateral platform.

Chinese Vice-Premier Ding Xuexiang, who is Mr Gan’s co-chair for the JCBC, said in his opening remarks that despite rising global unilateralism, the relationship between China and Singapore had grown steadily, with cooperation yielding fruitful results.

The annual JCBC and related meetings are being held in 2025 in the southwestern Chinese city of Chongqing to mark the 10th anniversary of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI). It is a bilateral collaboration platform aimed at strengthening connectivity between western China and Southeast Asia.