Three agreements signed at the U.K.-Singapore Business Summit, held in London in commemoration of Singapore’s Bicentennial, will enhance cooperation between the two financial centers.
Singapore and the United Kingdom have concluded three agreements that would raise cooperation between the two countries in the financial sector, the Monetary Authority of Singapore (MAS) announced in a press release on Friday.
MAS signed a memorandum of understanding (MOU) with the City of London on cooperation data flows, enhancing cross-border KYC processes, skills development in the financial sector, and green finance.
«The initiatives we are working on…will enable continued dynamism and stability in Singapore’s and London’s financial centers. I look forward to the continuing, active collaborations between our authorities as well as between our partners in the financial industry,» Tharman Shanmugaratnam, Singapore senior minister and coordinating minister for social policies, said.
Green Finance
The two parties also entered into a Partnership Arrangement on the U.K.’s Green Finance Initiative, to promote and apply principles of green and sustainable finance.
This includes harmonizing standards, enhancing environmental and climate risk disclosures, and strengthening green finance collaboration in the international environment.
Skills Development
The Institute of Banking and Finance Singapore and the U.K.'s Chartered Body Alliance signed a Declaration of Intent to deepen collaboration in skills development professionals in banking, capital markets and insurance.
Under the agreement, the two parties will share best practices and innovations in the development and delivery of training programs, and facilitate mutual recognition of professional standards and certifications.
