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Sustainable Finance and FinTech Partnership: UK-Singapore Collaboration

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Singapore and the United Kingdom convened the 9th UK-Singapore Financial Dialogue in Singapore, a significant milestone in their ongoing partnership. The dialogue, a platform for fostering collaboration and sharing insights, focused on key areas such as sustainable finance, FinTech and innovation. With sustainability and technological innovation at the forefront, both nations explored avenues for cooperation to address global challenges and drive progress in the financial sector.

Image credits: twitter.com/MAS_sg

Sustainable Finance took centre stage during the dialogue, reflecting the shared commitment of the UK and Singapore to advance financing initiatives in support of the global net zero agenda. Emphasising the importance of transition planning, both countries reaffirmed the need for globally consistent plans to facilitate transition finance.

The UK provided updates on the progress of its Transition Plan Taskforce’s disclosure framework, while Singapore shared insights into its Transition Planning Guidelines, designed to foster climate resilience and manage risks associated with transitioning to a net zero economy.

The dialogue also delved into Disclosure Standards and ESG Ratings, underscoring the commitment of both nations to implementing the International Sustainability Standards Board’s (ISSB) standards. Recognising the importance of consistent and reliable sustainability-related disclosures, discussions revolved around voluntary codes of conduct for ESG ratings and data product providers, aligned with recommendations from the International Organisation of Securities Commissions (IOSCO).

Furthermore, Sustainable Infrastructure Investment emerged as a key focus area, with both the UK and Singapore acknowledging the funding gap for green and transition finance in Asia. In response, they pledged to collaborate on developing and financing green finance and energy transition projects in the region. Singapore highlighted its blended finance initiative, the Financing Asia’s Transition Partnership (FAST-P), aimed at mobilising financing for green projects in Asia and accelerating the transition to a sustainable future.

In the realm of FinTech and Innovation, discussions concentrated on managing risks and harnessing opportunities in the digital space. Artificial Intelligence emerged as a critical topic, with both countries addressing financial stability and cybersecurity risks associated with increased AI usage in the financial sector.

Emphasising the importance of international standards in fostering innovation while mitigating risks, the dialogue explored avenues for collaboration through international fora such as IOSCO and the Financial Stability Board (FSB).

Cryptoassets were another area of attention, with the UK providing updates on its regulatory regime for cryptoassets. Plans to regulate fiat-referenced stablecoins and explore retail and wholesale Central Bank Digital Currency (CBDC) options were discussed, highlighting efforts to create a conducive environment for innovation while ensuring regulatory oversight.

Additionally, Tokenisation and Distributed Ledger Technology (DLT) were discussed extensively, with both countries sharing insights into their respective projects and initiatives. Collaboration efforts aim to advance discussions on the regulatory treatment of digital assets and explore ways to leverage tokenisation and DLT to enhance the efficiency and resilience of the financial ecosystem.

The dialogue also addressed recent developments in the NBFI Sector and Cross-Border Payment Connectivity, underlining the importance of enhancing authorities’ ability to monitor risks and improving cross-border payment systems. Both countries reiterated their commitment to international policy work on NBFI and the G20’s Roadmap to Enhancing Cross-Border Payments, emphasising the need for cooperation and coordination at the global level.

Scheduled industry-led roundtables on Transition Planning and Generative AI, jointly chaired by senior officials from MAS and HMT, demonstrate an ongoing commitment to fostering innovation and sustainability in finance. These forums offer stakeholders a platform to share insights and seek collaboration opportunities.

The 9th UK-Singapore Financial Dialogue underscores the deepening partnership between the UK and Singapore in navigating the evolving landscape of finance and technology. By leveraging their respective strengths and expertise, both nations are poised to drive progress and shape the future of sustainable finance and FinTech on a global scale.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.