On 24 December 2025, Hainan International Clearing House (HICH) and the Singapore Asia-Pacific Exchange and Clearing House signed a strategic cooperation framework agreement. The agreement marks one of the first cross-border financial cooperation arrangements implemented following the operational launch of Hainan Free Trade Port's customs closure, and represents Hainan's initial collaboration with an overseas financial market infrastructure institution.

According to the agreement, cooperation will focus on the commodities spot market and over-the-counter (OTC) derivatives, covering areas such as cross-border clearing arrangements, product coordination, alignment of operational rules, technical system connectivity, and professional talent exchange. The partnership aims to explore practical mechanisms for interoperability between financial infrastructures operating under different regulatory jurisdictions.

Following the signing, both parties plan to examine the establishment of cross-border clearing and post-trade service channels to support market participants in the Asia-Pacific region and beyond. Any concrete business models and products will be developed progressively, subject to applicable regulatory requirements and risk management frameworks in the respective jurisdictions.

From an institutional perspective, the cooperation reflects Hainan Free Trade Port’s evolving approach to financial opening, shifting from policy-level initiatives toward infrastructure- and rule-based connectivity with international markets. Such arrangements are increasingly viewed as a key component of integrating emerging financial hubs into regional and global market networks.

Hainan International Clearing House is a financial infrastructure entity approved by the People’s Government of Hainan Province and registered in Sanya. It was jointly initiated by Sanya Development Holdings Co., Ltd. and Zijin Mining Group Co., Ltd., among others, as part of the early-stage development of the Hainan Free Trade Port. Since commencing operations in October 2023, HICH has focused on clearing and service functions related to the commodities OTC market.

Market observers note that cooperation with established international market infrastructures may help enhance local capabilities in areas such as OTC derivatives market development, risk management practices, and operational standards. The longer-term impact of the partnership, however, will depend on the implementation of specific projects and the depth of subsequent collaboration.