HM Treasury and MAS Discussed Opportunities for Bilateral Cooperation
HM Treasury and MAS held the fifth UK-Singapore Financial Dialogue. Building on the previous meetings, both the parties exchanged views on domestic and international financial market developments and a broad range of issues, such as their respective responses to the COVID-19 pandemic, strengthening of climate risk management, collaboration in the area of cyber risk, and the future UK-Singapore relationship. Officials from HM Treasury, FCA, BoE, MAS, and Infrastructure Asia attended the Dialogue. The next Financial Dialogue is expected to take place in London in 2021.
The Financial Dialogue deepened mutual understanding, strengthened financial ties, and generated new areas of collaboration between the UK and Singapore:
- Strengthening climate risk management and deepening green finance remain key priorities for both parties. The parties exchanged views on supervisory practices and climate stress testing, in addition to discussing the ambitions for COP26 and the potential collaboration opportunities in green finance solutions. COP26 is the 26th United Nations Climate Change Conference that is scheduled to take place in Glasgow, Scotland, from November 01-21, 2021.
- Both parties are engaged in ongoing discussions to conclude a memorandum of understanding by the end of 2020 to enhance cyber security collaboration.
- As international financial centers with strong insurance sectors, both parties discussed the importance of strengthening financial resilience against pandemic risks in a COVID-19 world, along with the potential policy responses to the pandemic protection gap.
- They discussed the possible areas for enhanced collaboration in cross-border financial regulation were discussed. Both parties reaffirmed the commitment of maintaining open markets and ensuring market continuity so that participants can trade and manage risks more efficiently between the markets.
- Both parties affirmed the importance of greater cross-border data connectivity, to ensure that financial institutions can aggregate, store, process, and transmit financial data across jurisdictions to support their risk and business decisions. The UK and Singapore discussed possible means of collaboration to further enhance cross-border data connectivity in financial services bilaterally.
Related Links
Keywords: Europe, Asia Pacific, UK, Singapore, Banking, Insurance, Securities, COVID-19, Climate Change Risk, ESG, COP26, Cyber Risk, Sustainable Finance, Cross-Border Cooperation, MAS, HM Treasury
Featured Experts
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Michael Denton, PhD, PE
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
James Edwards
James leads the initiative to model the risk implications of climate change for corporates, SMEs, and sovereigns.
Related Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
