The UK and Singapore have reaffirmed their dedication
to fostering financing solutions that are aligned with sustainable finance. Key
discussions revolved around the necessity of robust transition planning,
standardized disclosure frameworks, and the mobilization of private capital for
green finance initiatives. During the 9th
UK-Singapore Financial Dialogue held on May 8, both nations acknowledged the ongoing efforts of
international bodies like the G20 and FSB in shaping the regulatory landscape
for sustainable finance, emphasizing the importance of global cooperation. The dialogue revolved around discussions surrounding sustainable finance, FinTech, and the
evolving landscape of non-bank financial intermediation (NBFI).Embracing FinTechParallel to discussions on sustainable finance, the
dialogue witnessed a robust exchange of ideas regarding the evolving realm of
FinTech and innovation. From artificial intelligence to crypto assets and
central bank digital currencies (CBDCs), the dialogue encapsulated the spectrum
of technological advancements reshaping the financial sector. Both nations pledged to adhere to international
standards and foster collaborative efforts through platforms like IOSCO and FSB
to mitigate risks while nurturing innovation. Amidst the evolving landscape of NBFI, both the UK and Singapore recognized
the imperative of enhancing regulatory frameworks to address emerging risks
effectively. Discussions centered on bolstering authorities'
capabilities in monitoring NBFI risks through improved data sharing and policy
implementation. Additionally, the dialogue underscored the shared commitment
towards enhancing cross-border payment connectivity, with initiatives like
Project Nexus aiming to streamline and fortify global payment systems.As curtains drew on the dialogue, both nations
reaffirmed their commitment to fostering deeper engagement in sustainable
finance and FinTech. Roadmap engagements and industry roundtables underscored
the tangible steps toward realizing shared objectives.Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.

CBDC Central Bank Digital Currencies

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Finextra: Wednesday March 27, 2024

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