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UOB Asset Management (UOBAM) has been awarded a Renminbi Qualified Foreign Institutional Investor (RQFII) licence and a 1.2 billion yuan (S$258.3 million) RQFII quota, UOB said on Monday.
With the ability to provide onshore yuan solutions to its institutional and retail clients, UOBAM will launch three China onshore RQFII funds in the region in the coming months.
These are RMB Onshore Money Market Fund, RMB (renminbi) Onshore Bond Fund and RMB Onshore Equity Fund.
Said Thio Boon Kiat, UOBAM's managing director and chief executive officer: "The yuan is becoming increasingly internationalised. By offering yuan-denominated onshore solutions to our clients, UOBAM will be able to offer investors direct access to mainland China's onshore equity and fixed income markets. This will provide them with the opportunity to participate in China's financial market and be a part of its growth."