The Bank of China Singapore Branch celebrates the 2025 Chinese New Year with the local community in Singapore.

Since establishing its branch in Singapore in 1936, Bank of China, aka BOC, has maintained a strong and enduring presence in the country for nearly nine decades. Before the formal establishment of diplomatic relations between China and Singapore in 1990, the Bank of China Singapore Branch, or BOCSG, once served as an unofficial envoy, building connections and fostering cross-border trade flows. Today, it continues to serve as a bridge between the two countries, with its growth fueled by the prosperity of both economies and harmonious bilateral ties.

Global services

As a global Chinese bank, BOC has institutions across the Chinese mainland as well as in 64 countries and regions, providing its customers with financial solutions featuring global expertise and all-round services accessible at any point of contact. BOCSG holds a Qualifying Full Bank license and offers a comprehensive suite of banking services, including corporate banking, personal banking, global markets, investment banking, and private banking.

Leveraging the BOC's extensive global network, BOCSG enables Chinese enterprises going global to efficiently connect with local and regional partners and access seamless, one-stop financial solutions. It also actively facilitates Singaporean enterprises in developing their business in China and around the world, maintaining a close partnership with local companies such as CapitaLand, Keppel, OUE, RGE and Mapletree.

Deeply rooted in Singapore, BOCSG has achieved significant breakthroughs across multiple businesses. As of the end of 2024, BOCSG ranked first among foreign banks in terms of the market share as a mandated lead arranger in Singapore's syndicated loan market. It also served as lead bookrunner and underwriter for the first Panda Bond listed on the Singapore Exchange, a milestone highlighted as one of the six financial cooperation initiatives announced at the 2024 China-Singapore Joint Council for Bilateral Cooperation meeting.

Enhancing resilience

Amid rising uncertainties, BOCSG continues to develop trade finance and forex solutions, providing multicurrency hedging products, bespoke global cash management solutions, and cross-border e-commerce services to strengthen supply chain resilience. For instance, BOC recently launched its cross-border e-commerce overseas collection service in Singapore, becoming the first among Chinese banks to introduce such a product in the market.

BOC has also established the Asia-Pacific coordination mechanism and Singapore-South Asia coordination mechanism. These initiatives aim to strengthen coordination among BOC institutions across the Regional Comprehensive Economic Partnership region and South Asian countries, providing more efficient support for Chinese, Singaporean and multinational enterprises in navigating the complexities of regional markets and capturing growth opportunities.

Strategic priorities

BOCSG has positioned the "renminbi business, digitalization and sustainable finance" as its three strategic priorities. In 2024, its cross-border RMB settlement volume exceeded 1 trillion yuan ($139.6 billion), maintaining a leading position among Chinese banks in the Singaporean market. Its annual RMB futures trading volume reached 800 billion yuan, reinforcing its role as a leading bank in RMB futures on the Singapore Exchange. In November 2024, BOCSG renewed its memorandum of understanding with the Singapore Exchange, deepening cooperation in areas such as Panda bond listings and exchange traded funds. BOCSG also plans to work closely with partners to develop RMB-related services, while strengthening RMB payment and settlement infrastructure.

BOCSG also accelerated its efforts to grow sustainable finance by expanding its service suite. It established a sustainability committee and appointed a chief sustainability officer to drive these initiatives. To pursue digitalization, BOC established its first overseas innovation lab in Singapore in 2018 to plug into Singapore's financial innovation ecosystem.

This year marks the 35th anniversary of China-Singapore diplomatic relations. BOC will continue to promote bilateral cooperation in areas such as digital economy, green development and artificial intelligence, making contributions to the all-round high-quality future-oriented partnership between China and Singapore.