UK and Singapore deepen collaboration in FinTech and strengthen financial cooperation

Singapore, 25 November 2022… The United Kingdom (British isles) and Singapore held the 7th United kingdom-Singapore Money Dialogue in Singapore right now. Both of those nations renewed their dedication to deepening the United kingdom-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities these types of as sustainable finance, FinTech and innovation, and agreed on additional cooperation in these regions.

At the Monetary Dialogue, the United kingdom and Singapore agreed on a Memorandum of Comprehension on the British isles-Singapore FinTech Bridge[1]. The FinTech Bridge seeks to guidance ongoing advancement, expense, and technological innovation in this sector, constructing on lively curiosity of FinTech gamers in the spots of payments, RegTech and prosperity management. Each nations strongly welcomed this deepened co-procedure on FinTech and the prospects the business can deliver in relation to financial inclusion, increased innovation, and improved outcomes for buyers.

Both equally countries recognised the relevance of the Uk-Singapore Digital Economy Arrangement (DEA) signed before this year, and the theory of the free circulation of facts which is enshrined in it. They pointed out the significance of this agreement in underpinning the growth of respective FinTech sectors and supporting long run electronic and innovation partnerships.

The Uk and Singapore talked over their joint passions in sustainable finance as perfectly as FinTech and innovation.

• Sustainable Finance: The two countries pointed out continued momentum at COP27 to concentration on implementation, together with the require to mobilise capital to establishing economies to finance the changeover to internet zero, employing modern methods this sort of as blended finance and carbon markets.

Transition finance –

The British isles and Singapore recognised the worth of changeover programs and pathways to attain the Paris Agreement’s purpose of limiting global temperature improve to 1.5°C from pre-industrial stages. Equally agreed to operate jointly on changeover finance. As a very first move, the two countries agreed to check out collaboration options, functioning with associates these as the British isles Transition Program Taskforce and the Glasgow Fiscal Alliance for Web Zero’s (GFANZ) Asia Pacific place of work, which is centered in Singapore, to generate worldwide consistency in style and disclosure of changeover designs.

Disclosure expectations –

The United kingdom and Singapore affirmed their potent determination to the implementation of Intercontinental Sustainability Requirements Board (ISSB) disclosure benchmarks. Both equally nations around the world will continue to work with the Worldwide Firm of Securities Commissions (IOSCO), the ISSB and other worldwide organisations to apply a complete world-wide baseline of sustainability-similar disclosure criteria that is interoperable with jurisdiction-unique needs. Both countries also commit to stage in obligatory climate-connected monetary disclosures that supply reliable, equivalent and determination-practical info for current market contributors and financial authorities.

Greenwashing –

The United kingdom and Singapore discussed efforts to beat greenwashing, including in relation to sustainability disclosures and sustainable expense item labels. It was agreed that regulators need to carry on speaking about how to undertake a world wide, coherent, and co-ordinated technique on regulatory oversight of ESG ratings and info merchandise companies, grounded in IOSCO’s recommendations. Each nations recognised the worth of equivalent and trusted details to underpin the web zero transition, enabled by know-how answers these types of as Venture Greenprint, and agreed to check out more collaboration prospects in this location.

Purely natural cash and biodiversity –

Equally nations agreed on the worth of a globally consistent framework for character-primarily based disclosures and exchanged sights on how the efforts of the Taskforce on Nature-Related Money Disclosures (TNFD) can lead to the ISSB’s world-wide baseline. Each nations agreed to collaborate to make ability and being familiar with of the opportunity for nature loss and degradation to make economic risks and lead to adverse impacts to organization and society, together with by way of participating with academia these kinds of as the College of Cambridge Institute for Sustainability Management (CISL) and the Singapore Eco-friendly Finance Centre, co-managed by Imperial Faculty Small business College and Singapore Administration University (SMU).

• FinTech and Innovation: The British isles and Singapore exchanged views on latest developments in the FinTech sector, together with in relation to crypto-assets, and agreed on a number of precedence spots for further more co-operation.

Crypto-belongings sector –

Both nations around the world shared their newest assessments of sector developments, chances, tendencies, and more time-term anticipations for the crypto-property sector. They also discussed threats and troubles relating to economical steadiness, regulatory arbitrage, and shared their development in strengthening guidelines on shopper protection and acquiring the regulation of stablecoins. There was powerful agreement on the will need to help the risk-free progress of a electronic belongings ecosystem even though ensuring that hazards posed by digital belongings are continuously managed. The two nations around the world will go on to actively take part in the shaping of sturdy world-wide regulatory practices through engagement within worldwide multilateral fora these kinds of as the Money Security Board (FSB), the Committee on Payments and Industry Infrastructures (CPMI) and IOSCO.

E-wallets and digital banking –

Singapore presented updates on the progress of its evaluation of e-wallet caps and predicted up coming actions. Both of those nations discussed the recently released consultation, with the United kingdom giving views on the important proposals. Singapore also updated on the new digital banking companies that recently launched their operations in Singapore.

The two nations agreed to a roadmap for engagements in sustainable finance, FinTech and innovation, and other parts of mutual curiosity, major up to the upcoming Dialogue scheduled to choose location in London in 2023.

The British isles and Singapore reviewed their latest examination of monetary market place developments and economic outlook, including how Russia’s invasion of Ukraine has impacted the world-wide economic climate. Both of those countries agreed on the usefulness of ongoing exchange of data on this topic, like on money sanctions.

The Money Dialogue was co-chaired by Deputy Controlling Director (Markets and Development) of the Monetary Authority of Singapore (MAS), Mr Leong Sing Chiong, and Director Typical (Fiscal Solutions) of HM Treasury (HMT), Ms Gwyneth Nurse. Senior officials from MAS, HMT, the Department for Intercontinental Trade, Financial institution of England (BoE), Economical Perform Authority (FCA), and the British Higher Commission in Singapore attended the Dialogue.

Two field-led Uk-Singapore enterprise roundtables on sustainable finance and FinTech took spot on 24 November 2022. Market participants from equally nations participated in this discussion.

a. The sustainable finance Roundtable examined the implementation worries faced by corporates in conference their net zero targets, and how the economical market could support to deal with these troubles.

b. The FinTech Roundtable talked over the possibilities and troubles faced by FinTech firms, and how these companies could better obtain overseas markets, such as by partnering with economic establishments.

About the Financial Authority of Singapore

The Financial Authority of Singapore (MAS) is Singapore’s central bank and integrated economical regulator. As a central lender, MAS encourages sustained, non-inflationary economic development by the carry out of monetary coverage and shut macroeconomic surveillance and evaluation. It manages Singapore’s exchange fee, official international reserves, and liquidity in the banking sector. As an built-in economical supervisor, MAS fosters a audio financial companies sector via its prudential oversight of all economical institutions in Singapore – financial institutions, insurers, money market intermediaries, economic advisors and monetary sector infrastructures. It is also accountable for well-performing economical markets, audio conduct, and investor education and learning. MAS also works with the money business to encourage Singapore as a dynamic global financial centre. It facilitates the progress of infrastructure, adoption of technologies, and upgrading of expertise in the monetary industry.

About HM Treasury

HM Treasury is the United kingdom government’s financial and finance ministry, sustaining regulate more than public expending, environment the course of the UK’s financial coverage and functioning to reach sturdy and sustainable financial advancement.

The department is accountable for:

• general public spending: which include departmental investing, public sector fork out and pension, on a yearly basis managed expenditure (AME) and welfare coverage, and capital investment decision
• money companies plan: including banking and money expert services regulation, fiscal security, and making certain competitiveness in the Metropolis
• strategic oversight of the Uk tax process: such as immediate, oblique, small business, property, particular tax, and company tax
• the delivery of infrastructure initiatives throughout the public sector and facilitating private sector investment decision into Uk infrastructure
• ensuring the economy is rising sustainably

[1] The FinTech Bridge delivers a structured engagement that will assist the progress of coverage steps, enrich assessments of rising problems, these kinds of as the improvement of distributed ledger technologies and details sharing, and guidance trade and expense flows involving our respective markets.