The Monetary Authority of Singapore announced on Thursday that it is embarking on a pilot program with the People's Bank of China, China's central bank, which will allow travelers from Singapore and China to use e-CNY for tourism spending in both countries.

This is one of the new digital finance and capital markets initiatives Singapore will take to expand its financial cooperation with China, helping to build a more convenient shopping experience for international tourists.

Singapore has become the first sovereign state to announce this initiative, following the signing of a memorandum of understanding on digital finance cooperation in 2020 between the Monetary Authority of Singapore and the Digital Currency Institute of the PBOC.