The UK and Singapore yesterday (8 May 2024) held the 9th UK-Singapore Financial Dialogue to deepen cooperation in sustainable finance and fintech.
The dialogue focused on a variety of key areas, including sustainable finance, fintech innovation, non-bank financial intermediation, and cross-border payments connectivity.
Both countries reaffirmed their commitment to strengthen financing for projects in line with the net zero agenda, with a focus on establishing globally comparable transition plans and strengthening disclosure standards.
Leaders also reiterated the ongoing efforts of international bodies such as the G20, the Financial Stability Board (FSB), the Basel Committee’s Task Force on Climate-Related Financial Risks (TFCR), the International Organization of Securities Commissions (IOSCO), and the Securities Commissions Network. He emphasized the importance of these efforts. These efforts involve the Central Banks and Supervisory Authority for Greening the Financial System (NGFS).
In particular, the UK discussed progress on the Transition Planning Task Force’s disclosure framework and future regulatory expectations for listed companies.
At the same time, Singapore has outlined supervisory expectations for financial institutions through transition planning guidelines.
The dialogue also addressed the introduction of international sustainability standards to standardize global disclosures, with both countries highlighting ESG ratings and voluntary codes of conduct for data product providers.
Leaders recognized the large gap in green transition financing in Asia and discussed mobilizing private capital to fill these gaps.
On the theme of fintech and innovation, the UK and Singapore exchanged views on managing risks and exploiting opportunities in the digital financial environment.
Discussions included the regulatory framework for the potential development of artificial intelligence, crypto assets, and virtual currencies. digital pound.
Additionally, as part of the project guardianThe Financial Conduct Authority (FCA) and MAS, two policymaking groups, are working with other policymakers to discuss the regulatory treatment of digital assets, including DLT.
Both countries emphasized the importance of international standards to foster innovation while safeguarding financial stability.
The meeting also addressed strengthening the non-bank financial intermediation sector and emphasized the need for improved data collection and sharing to effectively monitor risks.
Both countries reiterated their commitment to the G20 Roadmap for Strengthening Cross-Border Payments, aiming to improve the efficiency and accessibility of cross-border payments.
Looking ahead, the UK and Singapore will continue to work collaboratively in these areas, with further engagement scheduled for the next Financial Dialogue in the UK in 2025.
Additionally, an industry-led roundtable on transition planning and generative AI will be held, which will include a number of industry leaders from both countries.
The dialogue was co-chaired by Mr. Leong Sing Chiong, Deputy Managing Director of MAS, and Mr. Gwyneth Nurse, Director-General, Financial Services Department, Ministry of Finance, and was attended by senior officials from both countries.
