Core Points - DBS Bank has been appointed as the second renminbi (RMB) clearing bank in Singapore, following the Industrial and Commercial Bank of China (ICBC) which was the first appointed in 2013 [1][2] - The appointment is expected to support the growth of the offshore RMB market in Singapore and facilitate the use of RMB for trade and investment [2] - DBS aims to provide more comprehensive RMB solutions to clients looking to diversify currency risks [3] Industry Developments - A pilot program will be launched by ICBC and Bank of China in Singapore to allow travelers to open and top up digital RMB wallets for payments in China by year-end [3] - An "over-the-counter" bond market arrangement has been agreed upon, enabling designated banks in Singapore to provide institutional investors access to selected fixed income products on the China Interbank Bond Market [4] - There is a growing interest from Chinese exporters to settle trades in RMB, particularly with counterparts in Latin America and the Middle East [4]