01/07/21

SINGAPORE: U.K to Boost Financial Services Collaboration with Jurisdiction.

As published on finews.asia, Thursday 1 July, 2021.

A financial services partnership signed on Thursday will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration on areas such as fintech and green finance.

The U.K. Treasury and the Monetary Authority of Singapore (MAS) have agreed to explore opportunities for greater financial cooperation, under a financial partnership signed at the U.K.-Singapore Financial Dialogue, held virtually on Thursday.

This includes enhancing information sharing and loser cooperation in international fora, as well as regulatory deference, to drive new and broader opportunities for financial services trade and cooperation, MAS said in an announcement.

The two countries also signed two memoranda of understanding: the first to build a more comprehensive relationship in financial services and strengthen regulatory cooperation between the two countries, and another to enhance bilateral cyber security cooperation, including the sharing of cyber-related information and supervisory best practices.

MAS chairman Tharman Shanmugaratnam said the collaboration will «add momentum to sustainable finance, climate-related financial disclosure, and the development of carbon markets.»

At the summit, the U.K. and Singapore discussed possible areas for enhanced collaboration, particularly in cross-border financial regulation, as well as developments related to the global asset management industry, including the global norm of portfolio delegation, and agreed to maintain a dialogue on these developments.

The two sides also agreed to accelerate green finance and encourage the development of carbon markets, focusing on interoperability of taxonomies to facilitate cross-border sustainable financial flows and climate-related financial disclosures.

Finally, they discussed the development of fintech and stable coins, and their respective regulatory approaches, and agreed to continue sharing information.