SG, UK deepen financial partnership

The parties agreed to collaborate on sustainable finance, amongst others.

Singapore and the United Kingdom agreed to cooperate on areas such as sustainable finance, FinTech and innovation in a bid to deepen their financial partnership.

During the parties’ Financial Dialogue, Singapore and the UK inked a Memorandum of Understanding on the UK-Singapore FinTech Bridge which seeks to “support continued growth, investment, and technological innovation in the sector, building on active interest of FinTech players in the areas of payments, RegTech and wealth management.”

The parties likewise discussed joint interests such as the need to mobilise capital to develop economies to finance the transition to net zero and a globally consistent framework for nature-based disclosures, the implementation of International Sustainability Standards Board (ISSB) disclosure standards, and combat greenwashing.

On FinTech and innovation, the countries discussed risks and challenges relating to financial stability and regulatory arbitrage and shared their progress in strengthening rules on consumer protection and developing the regulation of stablecoins. 

Both agreed on the need to support the safe development of a digital assets ecosystem while ensuring that risks posed by digital assets are consistently managed.