The UK and Singapore met yesterday (8 May 2024) for the 9th UK-Singapore Financial Dialogue to deepen cooperation in sustainable finance and fintech.
The conversation focused on a number of key areas including sustainable finance, fintech innovation, non-bank financial intermediation and cross-border payment connectivity.
Both nations reaffirmed their commitment to improve funding for projects aligned with the zero agenda, focusing on implementing globally comparable transition plans and improving disclosure standards.
They also emphasized the importance of the continued efforts of international organizations such as the G20, the Financial Stability Board (FSB), the Task Force of the Basel Committee on Climate-related Financial Risks (TFCR), the International Organization of Securities Commissions (IOSCO) and the Network. Central Banks and Greening Financial System (NGFS) supervisors in these efforts.
Notably, the UK discussed the progress of its Transition Plan Taskforce's disclosure framework and upcoming regulatory expectations for listed companies.
At the same time, Singapore outlined its supervisory expectations for financial institutions through its Transition Planning Guidelines.
The conversation also explored the establishment of international sustainability standards to standardize global disclosures, and both countries highlighted their voluntary codes of conduct for providers of ESG ratings and data products.
They acknowledged the significant funding gaps for green and transition finance in Asia and discussed mobilizing private capital to bridge these gaps.
On the subject of fintech and innovation, the UK and Singapore exchanged views on managing risks and seizing opportunities in the digital financial landscape.
Discussions included regulatory frameworks for artificial intelligence, the potential development of cryptoassets and a digital pound.
Also, as a part Project Guardian's policymaker group, the UK Financial Conduct Authority (FCA) and the MAS, along with other policymakers, are advancing discussions on the regulatory treatment of digital assets, including DLT.
Both countries emphasized the importance of international standards to facilitate innovation while ensuring financial stability.
The meeting also addressed improvements in the non-bank financial intermediation sector, emphasizing the need for improved data collection and sharing to effectively monitor risks.
The two nations reiterated the G20's commitment to improving cross-border payments, with the aim of improving the efficiency and accessibility of such payments.
Looking ahead, the UK and Singapore intend to continue their collaborative efforts in these areas with further commitments planned before the UK's next Financial Dialogue in 2025.
There will also be roundtable discussions on industry-led transition planning and creative AI, with strong participation from industry leaders from both countries.
The interview was led by Leong Sing Chiong, Deputy Director General of MAS and Gwyneth Nurse, Director General of Financial Services at HM Treasury, with the participation of senior officials from both nations.
