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
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 Partridge
Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting.
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
