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 Partridge
Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting.
Related Articles
ECB Finds Banks Unprepared for Pillar 3 Climate Risk Disclosures
The European Central Bank (ECB) published results of the 2022 supervisory assessment of climate-related and environmental risk disclosures among significant institutions (103) and a selected number of less significant institutions (28).
NCUA Assesses Credit Union Exposure to Climate-Related Physical Risks
The National Credit Union Administration (NCUA) released a Research Note that examines the exposure of credit unions to climate-related physical risks. In a related development
EBA Issues Multiple Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) is seeking comments, until July 31, 2023, on the draft Guidelines on the proposed common approach to the resubmission of historical data under the EBA reporting framework.
EC Adopts Regulation on Own Funds, Issues Other Updates
The European Commission adopted Delegated Regulations on own funds and eligible liabilities, on requirements for the internal methodology under the internal default risk model
CDP Platform to Report Plastic-Related Impact, Issues Other Updates
The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide
IASB to Enhance Reporting of Climate Risks, Proposes IFRS 9 Amendments
The International Accounting Standards Board (IASB) updated its work plan to enhance the reporting of climate-related risks in the financial statements,
BIS Addresses Data Gaps and Macro-Prudential Policy for Climate Risks
The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) published a brief paper that examines challenges associated with the use of macro-prudential policies to address climate-related financial risks.
FCA Sets Out Business Plan, Launches TechSprint on Greenwashing
The Financial Conduct Authority (FCA) published its business plan for 2023-24. The plan sets out details of the work planned for the next 12 months to achieve better outcomes for consumers and markets
UK Committee Sets Out Recommendations for Next Phase of Open Banking
The Joint Regulatory Oversight Committee (JROC), comprising the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) as co-chairs and the HM Treasury and the Competition and Markets Authority (CMA) as members
ECB Publishes Multiple Regulatory Updates for Banking Institutions
The European Central Bank (ECB) published the results of the 2022 climate risk stress test of the Eurosystem balance sheet,