The UK and Singapore had convened for the ninth UK-Singapore Monetary Dialogue yesterday (8 Could 2024) to deepen their cooperation in sustainable finance and fintech.
The dialogue centered on varied pivotal areas together with sustainable finance, fintech innovation, non-bank monetary intermediation, and cross-border fee connectivity.
Each nations reaffirmed their dedication to enhancing finance for initiatives aligned with the online zero agenda, specializing in establishing globally comparable transition plans and enhancing disclosure requirements.
In addition they underscored the importance of steady efforts by worldwide organisations such because the G20, Monetary Stability Board (FSB), Basel Committee’s Job Pressure on Local weather-related Monetary Dangers (TFCR), Worldwide Group of Securities Commissions (IOSCO), and the Community of Central Banks and Supervisors for Greening the Monetary System (NGFS) in these endeavors.
Notably, the UK mentioned the progress of its Transition Plan Taskforce’s disclosure framework and upcoming regulatory expectations for listed firms.
Concurrently, Singapore outlined its supervisory expectations for monetary establishments by its Transition Planning Pointers.
The dialogue additionally coated the implementation of worldwide sustainability requirements to standardise international disclosures, with each nations highlighting their voluntary codes of conduct for ESG scores and information product suppliers.
They acknowledged the numerous funding gaps for inexperienced and transition finance in Asia and mentioned mobilising personal capital to bridge these gaps.
On the subject of fintech and innovation, the UK and Singapore exchanged insights on managing dangers and harnessing alternatives within the digital finance panorama.
Discussions included the regulatory frameworks for synthetic intelligence, cryptoassets, and the potential growth of a digital pound.
Moreover, as a part of Mission Guardian’s policymaker group, the UK Monetary Conduct Authority (FCA) and MAS, together with different policymakers, are advancing discussions on the regulatory remedy of digital property, together with DLT.
Each nations emphasised the significance of worldwide requirements to facilitate innovation whereas safeguarding monetary stability.
The assembly additionally addressed enhancements within the non-bank monetary intermediation sector, emphasising the necessity for improved information assortment and sharing to watch dangers successfully.
Each nations reiterated their dedication to the G20’s roadmap for enhancing cross-border funds, aiming to enhance the effectivity and accessibility of those funds.
Wanting forward, the UK and Singapore plan to proceed their collaborative efforts in these fields with additional engagements scheduled earlier than the subsequent Monetary Dialogue within the UK in 2025.
Moreover, industry-led roundtables on transition planning and generative AI are set to happen, which can contain vital participation from {industry} leaders from each nations.
The dialogue was co-chaired by Leong Sing Chiong, Deputy Managing Director of MAS, and Gwyneth Nurse, Director Normal of Monetary Companies at HM Treasury, with participation from senior officers from each nations.
