According to Foresight News, the Monetary Authority of Singapore (MAS) announced new digital financial and capital market initiatives to expand financial cooperation with China. This includes a cross-border digital RMB pilot between China and Singapore. After the MAS and the Digital Currency Research Institute of the People's Bank of China (PBCDCI) signed a 2020 Memorandum of Understanding (MOU) on Digital Financial Cooperation, the MAS and the Digital Currency Research Institute of the People's Bank of China are conducting a pilot to allow travelers from both countries to use digital RMB for tourism consumption in Singapore and China.