SG, UK boost cooperation in sustainable finance and fintech

The countries will cooperate on seven key areas.

Singapore and the United Kingdom have agreed to further collaborate on joint projects in the areas of sustainable finance and fintech and innovation.

As partners, SG and the UK will develop approaches that facilitate and scale financing to support the transition of economies to net zero.

Both parties also reaffirmed the need to deepen the understanding of nature and biodiversity loss and its impact on the financial sector by welcoming an upcoming joint research project on nature-related financial risks in Southeast Asia involving the University of Cambridge Institute for Sustainability Leadership (CISL) and the Singapore Green Finance Centre.

On fintech and innovation, the parties have agreed to contribute to efforts to develop global regulatory standards for crypto and digital assets as part of international standard-setting bodies such as IOSCO, and working groups under the Financial Stability Board (FSB).

Other areas in the fintech and innovation space which the two countries plan to collaborate on are Central Bank Digital Currency (CBDC), Project Guardian, and e-wallets.