The UK and Singapore convened their 8th UK-Singapore Financial Dialogue in London, discussing vital areas like sustainable finance and FinTech innovation. Both nations emphasized the urgency of scaling financing to support the global transition to net zero economies.
On the sustainable finance front, the UK and Singapore highlighted the importance of transparent transition plans to mobilize real economy emission reductions. They reaffirmed their support for the International Sustainability Standards Board’s (ISSB) final standards for sustainability and climate-related disclosures. A joint research project on nature-related financial risks in Southeast Asia was also welcomed, aiming to deepen understanding and impact assessment.
In the realm of FinTech, the two countries pledged to contribute to developing global regulatory standards for crypto and digital assets through organizations like IOSCO and the FSB. They exchanged insights on Central Bank Digital Currencies (CBDCs) and explored future collaboration opportunities in asset tokenization and e-wallets.
Both nations remain committed to ongoing engagement and further cooperation in Sustainable Finance and FinTech, with the next Financial Dialogue scheduled in Singapore for 2024. The industry-led UK-Singapore business roundtable on sustainable finance proved fruitful, addressing financing opportunities and challenges in achieving net zero targets.
The Dialogue, jointly chaired by the Monetary Authority of Singapore (MAS) and HM Treasury, fostered productive discussions and set the stage for stronger bilateral ties in driving sustainable financial growth and technological advancements.