Raw: [
The United Kingdom (UK) and Singapore held the 9th UK-Singapore Financial Dialogue in Singapore today. Both countries discussed collaboration opportunities in priority areas such as sustainable finance and FinTech and…
The post UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech appeared first on ESG News.
]
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech – ESG News
LOADING
ESG News
ESG Business
Sustainability
Technology
Infrastructure
ESG Reporting
ESG Standards
Environmental
Government
Diversity, Equity & Inclusion
ESG Investing
Sustainable Finance
ESG Funds
Digital Assets
ESG Lifestyle
ESG Events
Upcoming Event List
International
ESG Europe
ESG Asia
ESG India
ESG Russia
ESG Middle East
ESG Japan
ESG Canada
ESG Latin America
ESG United Kingdom
Videos
Force For Good
Greenwich Economic Forum
UN Global Compact Leaders Summit 2022
Blockchain for Europe
UNCTAD Sustainable Stock Exchange Initiative
Humanity 2.0
World Economic Forum
Caspian Week
Converge2Xcelerate
International WELL Building Institute
EarthX
Type to search
ESG NewsESG Business
SustainabilityTechnologyInfrastructureESG ReportingESG StandardsEnvironmentalGovernmentDiversity, Equity & Inclusion
Fils and Telr Partner to Drive Sustainability in Finance and Payments
ESG News
February 16, 2024
Deloitte Leads the Way in ESG & Sustainability Services, Verdantix Report Finds
ESG News
February 13, 2024
The English Football Premier League Takes Big Step in Sustainability with New Commitment
ESG News
February 12, 2024
Salesforce Reveals the Gap Between Sustainability Commitments and Business Integration
ESG News
February 12, 2024
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
ESG News
May 8, 2024
South Korea’s LG Electronics Raises $800 Million Global Sustainability Bond
ESG News
April 19, 2024
Apple Halves Greenhouse Gas Emissions Through Clean Energy and Innovative Recycling Initiatives
ESG News
April 19, 2024
Trafigura Sees AI Driving Up Copper Demand by 1 Million Tons by 2030
ESG News
April 9, 2024
KKR, HASI Partner To Invest $2 Billion In Sustainable Infrastructure Projects
ESG News
May 8, 2024
World Economic Forum Report Identifies Nine Ways Cities Can Reduce Carbon Emissions in Construction
ESG News
April 24, 2024
EU Mandates Energy-Efficient Buildings by 2050 to Combat Emissions and Poverty
ESG News
April 15, 2024
DOE Unveils Groundbreaking Federal Blueprint to Decarbonize America’s Buildings Sector
ESG News
April 3, 2024
Prince William’s Earthshot Prize 2024 Impact Report Highlights 420k Tonnes Carbon Emissions Avoided
ESG News
May 9, 2024
BCG’s 2023 Sustainability Report Highlights Progress and Innovative Solutions
ESG News
May 8, 2024
Plenitude Releases 2023 Financial Statements and Sustainability Impact Report
ESG News
May 8, 2024
Biden-Harris Administration Finalizes Rule to Reduce Methane Emissions in Oil and Gas Sector
ESG News
May 7, 2024
BSI Revamps Event Sustainability Guidance: Focus on Climate, Supply Chain, and Social Impact
ESG News
April 10, 2024
Climate Action 100+ Releases Net Zero Standard for Oil & Gas Company Assessments
ESG News
March 27, 2024
Canada Announces First Canadian Sustainability Disclosure Standards
ESG News
March 15, 2024
Ford, Other Industry Leaders Support Strengthened EPA Standards on Heavy-Duty Vehicle Emissions
ESG News
February 9, 2024
Allianz Trade and Inclusive Brains Collaborate on AI and Neurotech for Disability Inclusion
ESG News
May 7, 2024
IKEA Supply and IOM Launch Global Partnership to Enhance Rights and Well-being of Migrant Workers
ESG News
April 19, 2024
SHEIN Boosts Women’s Empowerment with $430,000 Donation to Dress for Success
ESG News
March 8, 2024
Deutsche Bank’s Initiative in Asia, Empowering Women in Agriculture
ESG News
March 8, 2024
ESG Investing
Sustainable Finance ESG Funds Digital AssetsESG LifestyleESG Events
Upcoming Event ListInternational
ESG Europe ESG Asia ESG India ESG Russia ESG Middle East ESG Japan ESG Canada ESG Latin America ESG United KingdomVideos
Force For Good Greenwich Economic Forum UN Global Compact Leaders Summit 2022 Blockchain for Europe UNCTAD Sustainable Stock Exchange Initiative Humanity 2.0 World Economic Forum Caspian Week Converge2Xcelerate International WELL Building Institute EarthX
Get Breaking ESG News Alerts
Daily Newsletter
Join Now
videocam
Latest News
Seven simple questions
Help us improve your experience, delivering more of what you want
ESG Survey
Seven simple questions – Help us improve your experience, delivering more of what you want!
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
ESG United Kingdom
/
Sustainable Finance
/
Technology
/
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
by ESG News
•
May 8, 2024
Share:
Share on Facebook
Share on Twitter
Share on LinkedIn
Listen to this story:
The United Kingdom (UK) and Singapore held the 9th UK-Singapore Financial Dialogue in Singapore today. Both countries discussed collaboration opportunities in priority areas such as sustainable finance and FinTech and innovation, and exchanged views on recent developments in non-bank financial intermediation (NBFI) as well as efforts to improve cross-border payment connectivity.Sustainable FinanceThe UK and Singapore reaffirmed their commitment to scale financing in support of the net zero agenda.
Developments in transition planning: The UK and Singapore reaffirmed that globally comparable and sound transition plans are essential for the scaling of transition finance. The UK updated on the progress of the Transition Plan Taskforce (TPT)’s disclosure framework following its publication in October 2023, and outlined plans for introducing expectations for listed companies’ transition plan disclosures. The Monetary Authority of Singapore (MAS) shared its consultation on Transition Planning Guidelines in 2023, which set out supervisory expectations for financial institutions to have a sound transition planning process, as they build climate resilience and manage risks arising from the global transition to a net zero economy and the expected physical effects of global warming. The UK and Singapore also noted the importance of ongoing work at G20, Financial Stability Board (FSB), Basel Committee’s Task Force on Climate-related Financial Risks (TFCR), International Organization of Securities Commissions (IOSCO) and Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in this respect.Disclosure standards, ESG ratings and data products: The UK and Singapore re-affirmed their commitment to implement the International Sustainability Standards Board (ISSB)’s standards to improve the consistency, comparability, and reliability of sustainability-related disclosures globally. The UK provided an update on its Sustainability Disclosure Requirements and its associated labelling regime. The UK and Singapore also discussed the voluntary codes of conduct for ESG ratings and data product providers that have been published in their respective countries, noting that both codes were aligned with IOSCO’s recommendations. Both countries agreed to consider collaboration opportunities as the regulatory landscape evolves, including through IOSCO’s Sustainable Finance Taskforce.Sustainable infrastructure and investment: The UK and Singapore noted the large funding gap for Asia’s green and transition finance, and agreed that there are opportunities to mobilise private capital for the net zero transition. Building on the September 2023 UK-Singapore Strategic Partnership to accelerate regional sustainable infrastructure and investment, the UK and Singapore will collaborate to develop and finance green finance and energy transition projects in the region. MAS provided an update on Singapore’s blended finance initiative, the Financing Asia’s Transition Partnership (FAST-P) , which will bring together key public, private and philanthropic sector partners to mobilise financing to de-risk and finance transition and marginally bankable green projects in Asia.
FinTech and InnovationThe UK and Singapore exchanged views on their respective approaches to manage risks and capture opportunities in the digital space.
Artificial intelligence (AI): The UK and Singapore discussed financial stability risks, cyber security risks, as well as supervisory considerations associated with the increased use of AI in the financial sector. Both countries agreed that international standards were key to facilitating innovation while managing risks to consumers, financial market stability and integrity, and explored areas for collaboration through international fora, such as IOSCO and FSB.Cryptoassets: The UK provided an update on its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, under which the government will bring a number of cryptoasset activities, such as exchange, custody, and lending activities, into the regulatory perimeter for the first time. The UK also updated on its plans to regulate certain fiat-referenced stablecoins and create the environment for stablecoin issuers and service providers to operate and grow in the UK.Central Bank Digital Currency (CBDC): The UK shared developments on progress following the publication of the “digital pound” consultation response paper on 25 January 2024, including a design phase which would be followed by a decision on whether to proceed with a retail CBDC. The UK also shared their thinking on wholesale payments, including on infrastructure supporting the settlement of tokenised transactions.Tokenisation and distributed ledger technology (DLT): The UK and Singapore shared their respective projects and initiatives in tokenisation and DLT and agreed on the benefits of asset and fund tokenisation to the financial ecosystem, from broadened investor access to investment products to simplifying distribution and trading of such products digitally. As part of Project Guardian’s policymaker group, the UK Financial Conduct Authority (FCA) and MAS, together with the other policymakers, aim to advance discussions on the regulatory treatment of digital assets. Both countries agreed to share learnings on how regulatory regimes could facilitate responsible innovation.
Developments in the NBFI Sector and Cross-Border Payment ConnectivityThe UK provided an update on recent developments to address risks in the NBFI sector. Both countries underlined the importance of enhancing authorities’ ability to monitor risks in NBFIs via better data gathering and sharing. They also agreed on the importance of finalising on-going international policy work on margining practices and NBFI leverage, and to subsequently implement agreed NBFI policies at domestic level. The UK and Singapore agreed to continue their collaboration to address vulnerabilities associated with NBFIs, including at IOSCO and the FSB.The UK and Singapore reiterated their commitment to the G20’s Roadmap to Enhancing Cross-Border Payments, including the FSB’s priorities for this year as laid out in its most recent progress report. The BIS Innovation Hub Singapore Centre also shared the progress of Project Nexus, a multilateral approach to connect domestic instant payment systems to improve the speed, cost, transparency and accessibility of cross-border payments.The UK and Singapore renewed their commitment to engagement beyond the Dialogue through a series of roadmap engagements to explore further cooperation in sustainable finance and FinTech and innovation, ahead of the next Financial Dialogue due to be held in the UK in 2025.Two industry-led UK-Singapore business roundtables on Transition Planning and Generative AI will take place on 9 May 2024 with participation by industry participants from both countries.
The Transition Planning roundtable will examine current regulatory initiatives and next steps for Financial Institutions and their portfolio companies in their transition to net zero.The Generative AI roundtable will discuss the challenges this technology poses for regulatory compliance and identify strategies to harness the benefits of generative AI while fostering innovation and protecting consumers.
Related Article: Hong Kong Launches Green Finance Taxonomy to Boost City’s Fundraising Credentials
The Dialogue was jointly chaired by Deputy Managing Director (Markets and Development) of MAS, Mr Leong Sing Chiong, and Director General (Financial Services) of HM Treasury (HMT), Ms Gwyneth Nurse. The Dialogue was attended by senior officials from MAS, HMT, Bank of England, FCA, the High Commission of the Republic of Singapore in London, and the British High Commission in Singapore.
Share:
Share on Facebook
Share on Twitter
Share on LinkedIn
Topics
ESG
ESG News
Fintech
G20
Net Zero
Related Articles
ESG News Week In Review: 06 May – 12 May
ESG News •
May 10, 2024
How I see it: All is Not OK in Oklahoma
Matthew Sekol •
May 10, 2024
Tim Mohin: Flurry of US Climate Actions Unnoticed by Voters
Tim Mohin •
May 10, 2024
ESG Book, SAP Fioneer ESG Solutions Partner to Bring Transparent Sustainability Data Integration
ESG News •
May 10, 2024
May
12
All day
International Day of Plant Health
May
13
All day
World Migratory Bird Day
May
15
All day
International Day of Families
May
16
All day
International Day of Living Together in Peace
May
16
All day
International Day of Light
View Calendar
Today’s Top ESG Stories
ESG News Week In Review: 06 May – 12 May May 10, 2024
ESG Book, SAP Fioneer ESG Solutions Partner to Bring Transparent Sustainability Data Integration May 10, 2024
Microsoft Partners with re.green for Largest Carbon Removal Project Worth 3 Million Tons of Carbon Removal Credits May 10, 2024
Standard Chartered Commits to Methane Emissions Reduction Target, Enhancing Net Zero Roadmap May 10, 2024
PepsiCo Outlines Plans to Deliver First Net-zero Plant by 2025 May 10, 2024
ESG News Quote of the Day
You have a responsibility to make inclusion a daily thought, so we can get rid of the word ‘inclusion’.
Theodore Melfi, American filmmaker
Tweet
ESG News Daily Newsletter
First Name
Last Name
Email address:
Leave this field empty if you’re human:
Related Stories
ESG News Week In Review: 06 May – 12 May
How I see it: All is Not OK in Oklahoma
Tim Mohin: Flurry of US Climate Actions Unnoticed by Voters
ESG Book, SAP Fioneer ESG Solutions Partner to Bring Transparent Sustainability Data Integration
About ESG News About Us
Become a Contributor
Newsletter
Contact Us
Services Advertise With Us
Sponsorships
Events
News Agency
Terms & Privacy Terms & Conditions
Privacy Policy
Cookies
Copyright
Follow Us
YouTube
©2021 ESG News Corp. All rights reserved.
Add ESG News to your home screen?
Add this web page on your home screen for quick and easy access when you’re on the go.
Just tapthen “Add to home screen”
×