Singapore-based United Overseas Bank or UOB says it is launching several yuan products in response to increasing investor appetite for the Chinese currency.
It comes after similar moves by banks such as the Singapore market leader DBS, as well as the local units of HSBC.
UOB has launched the foreign currency fixed deposit account which pays interest rates ranging from 0.9 percent for one- month deposit of at least 250,000 yuan to 1.45 percent for 12-month deposit of at least 5 million yuan.
It also plans to launch the United Reminbi Bond Fund by the end of March for retail investors in Singapore.
DBS,the leading commercial lender in Singapore, also said last month it has begun offering yuan-denominated investments to local private banking and treasury customers, following other banks to enter the increasingly competitive market.
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