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.
Related Articles
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.