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.
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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
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