UK-SG forge new financial partnership

The two maritime nations have committed to strengthen regulatory cooperation and accelerate green finance.

Singapore and the United Kingdom launched a new financial partnership during the sixth UK-Singapore Financial Dialogue held virtually on 30 June.

The partnership highlights the joint commitment of the two nations to build a more comprehensive and enhanced relationship in financial services and to strengthen regulatory cooperation between them.

They will explore opportunities for greater financial cooperation, including enhanced information sharing; cooperation in international fora and regulatory deference.

Other areas of joint interest for Singapore and the United Kingdom, as discussed during the dialogue, are regulatory cooperation, green finance and carbon markets, and fintech and stablescoins.

“With UK hosting COP26 in November, and Singapore pushing ahead with its Green Finance Action Plan to support Asia’s transition to a low carbon economy, our collaboration will add momentum to sustainable finance, climate-related financial disclosure, and the development of carbon markets — these are areas where it is critical and urgent to forge international alignment," said Monetary Authority of Singapore Chairman Tharman Shanmugaratnam.

"The strengthening of regulatory cooperation between our two countries also comes at a time when financial services are undergoing accelerated transformation through technology; and will provide a framework for the growth of new activities in both our markets,” he added.

A Memorandum of Understanding has also been signed between the two nations to enhance bilateral cybersecurity cooperation.