They have established a new financial partnership which is designed to explore possibilities for greater financial cooperation, including better information sharing and closer cooperation, according to a joint declaration of the Monetary Authority of Singapore and the UK Treasury HM.
The two countries signed two agreements, one on financial services cooperation and another to strengthen bilateral cybersecurity cooperation, including sharing of cybersecurity-related information and best practices in surveillance.
They discussed broader areas for future cooperation, including regulatory cooperation, green finance and carbon markets, fintech and stablecoins.
Countries will work to identify compatibilities in the UK and Singapore taxonomic principles and measures for green and bridging activities.
They will encourage the private sector to explore ways to develop a transparent and robust voluntary carbon market for high quality voluntary carbon credits, such as deepening trade links and data sharing between Singapore and London to improve interoperability. and interregional capital flows.
Nicholas Hanna of Pinsent Masons MPillay, the Singaporean law joint venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “The fabric of Singapore is made up of a world-class financial center and recent alliance with the UK for further cooperation in green finance and carbon markets, fintech and stablecoins is a natural progression. The two countries have focused heavily on developing new financial products alongside technology and security to build strong economies. The fact that these well-established financial centers are coming together to continue the growth of financial products can only be seen as a good thing. “