The Industrial and Commercial Bank of China (ICBC) Singapore's accumulated renminbi clearing amount has reached 40 trillion, growing more than 1,300% to 37.5 trillion in 2014 from 2.6 trillion in 2013.

China's largest bank is the sole renminbi clearing bank for Singapore and had led the way in clearing transactions in the city state from over 90 participating institutions across 38 markets.

"Singapore as the biggest offshore renminbi hub outside of Hong Kong will continue to thrive as the existing platform further expands and improves, and by providing more than 1.1 trillion renminbi in capital pool, ICBC acts as an important force to support market stability in times of shrinking liquidity," said Zhang Wei Wu, general manager of ICBC Singapore branch.

"The bank's next priority will be to implement a 24-7 clearing service, as well as renminbi's real time gross settlement (RTGS) which is the fastest possible money transfer system through the banking channel where settlements are made in real time. We hope to build up a more advanced financial service infrastructure so as to reinforce Singapore's advantage as an offshore renminbi market and push forward RMB's internationalization," he said.