The Monetary Authority of Singapore (MAS) has announced new digital finance and capital markets initiatives, including a cross-border digital yuan pilot between China and Singapore, to expand financial cooperation with China. Following the signing of a memorandum of understanding (MOU) on digital finance cooperation between the Monetary Authority of Singapore and the Digital Currency Research Institute of the People's Bank of China in 2020, the Monetary Authority of Singapore and the People's Bank of China are launching a pilot to allow travelers from both countries to use digital yuan in Singapore and China for tourism consumption.