Singapore | Leading Financial Centre in Asia
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










UK & Singapore Discussed Further Collaboration in Sustainable Finance & FinTech to Support Net Zero, and Opportunities & Risks in Digital, Held 9th UK-Singapore Financial Dialogue in Singapore on 8th May 2024

10th May 2024 | Hong Kong

UK & Singapore have discussed further collaboration in sustainable finance & fintech to support net zero and opportunities & risks in digital, holding the 9th UK-Singapore Financial Dialogue in Singapore on 8th May 2024.  Monetary Authority of Singapore (MAS): “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.”  See below for full statement:

“ UK & Singapore Discussed Further Collaboration in Sustainable Finance & FinTech to Support Net Zero, and Opportunities & Risks in Digital, Held 9th UK-Singapore Financial Dialogue in Singapore on 8th May 2024 “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





 

UK & Singapore Discussed Further Collaboration in Sustainable Finance & FinTech to Support Net Zero, and Opportunities & Risks in Digital, Held 9th UK-Singapore Financial Dialogue in Singapore on 8th May 2024

Singapore | Leading financial centre in Asia

8th May 2024 – 1. 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 Finance

2. The UK and Singapore reaffirmed their commitment to scale financing in support of the net zero agenda.

a. 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.

b. 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.

c. 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 [1] 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) [2] , 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 Innovation

3. The UK and Singapore exchanged views on their respective approaches to manage risks and capture opportunities in the digital space.

a. 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.

b. 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.

c. 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.

d. 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 [3] , 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 Connectivity

4. The 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.

5. 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 [4] , a multilateral approach to connect domestic instant payment systems to improve the speed, cost, transparency and accessibility of cross-border payments.

6. 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.

7. 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.

a. 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.
b. 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.

8. 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.

***




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleSingapore MAS Chairman Lawrence Wong on Increasing Penalties on Bank Employees for Mis-Selling & Poor Advice:  7-Year Prohibition Order Issued for Mis-Selling in the Past, MAS Investigates & Take Enforcement Actions Independent of Case Lodged with Financial Industry Disputes Resolution Centre, Breaching Financial Advisers Act Can Result in Enforcement Actions, Public Reprimands, Penalties, Prohibition Orders, Refer to Attorney-General’s Chambers for Criminal Prosecution or Singapore Police for Investigation
    Next articleHong Kong Monetary Authority Issues Fraud Warning on Wealth Management Connect Scheme, Fraudsters Claim Government to Cover Investment Losses by Paying a Fee to Open Northbound Scheme Account & Posted Advertisement on Social Media of Time Deposit with High Interest Rate by HKMA & Depositing Money into Northbound Scheme Account
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia