By 
The eighth UK-Singapore Financial Dialogue, organized by HM Treasury and the Monetary Authority of Singapore (MAS), recently took place in London, with a focus on sustainable finance and fintech collaboration.
During the dialogue, the countries emphasized the importance of advancing the transition to net zero financing and tackling emission reductions. Singapore shared its projects aimed at addressing energy transitions in Asia.
Building on the previous dialogue in November 2022, discussions also revolved around the Fintech Bridge, aimed at enhancing cooperation and growth in the fintech sectors of both nations.
Global sustainability standards and reporting requirements were highlighted, and support for the International Sustainability Standards Board (ISSB) was reaffirmed. The urgency of prioritizing Environmental, Social, and Governance (ESG) considerations and sharing ESG data was also discussed.
The dialogue addressed nature and biodiversity loss, recognizing the need for increased attention to the issue. To tackle this, a joint research project on nature-related financial risks in Southeast Asia was introduced, involving Cambridge’s Institute for Sustainability Leadership and the Singapore Green Finance Centre.
Laimonas Noreika, CEO of HeavyFinance, emphasized the significance of sustainable finance and the need for concrete actions to achieve a positive climate impact. Sustainable investments, such as Article 9 funds supporting carbon reduction projects, can play a crucial role in this regard.
The discussion also covered digital assets, with a focus on supporting global standards for cryptocurrencies and the Financial Stability Board’s guidance on crypto-assets. Both countries shared their approaches to central bank digital currencies (CBDCs) to encourage interoperability between the UK’s Digital Pound and Singapore’s digital Singapore Dollar initiatives.
Ganesh Viswanath Natraj, assistant professor of finance at the Gillmore Centre for Financial Technology, highlighted the importance of international collaboration in the fintech sector to foster UK innovation and maintain its position as a leading global center for business.
Sheeraz Saleem, chief technology officer at DKK Partners, praised the UK’s efforts in digital assets development to reduce foreign exchange costs and support cross-border trade, highlighting the positive implications this could have for the UK economy amid rising inflation and interest rates.
Overall, the UK and Singapore reaffirmed their commitment to sustainable finance, fintech advancement, and global cooperation in regulatory standards to drive economic growth and address key challenges in the financial sector.
Comments