UK-Singapore 5th Financial Dialogue
The 5th UK-Singapore Financial Dialogue, held virtually, was attended by senior officials from HM Treasury, Bank of England, Financial Conduct Authority and Monetary Authority of Singapore (MAS). Discussions focused on responses to Covid-19, Green Finance and the future UK-Singapore relationship, building upon previous dialogues.
The Dialogue was chaired by Ms Katharine Braddick, Director General (Financial Services) of HM Treasury, and Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore (MAS). Officials from HM Treasury, the UK’s Financial Conduct Authority (FCA), the Bank of England, MAS, and Infrastructure Asia attended the Dialogue.
The Dialogue enabled a useful exchange of views and of stronger financial and economic cooperation between the two countries in a number of key areas.
a) Green Finance: Strengthening climate risk management and deepening green finance remain key priorities for both parties. Views were exchanged on supervisory practices and climate stress testing, and potential collaboration discussed about opportunities in green finance solutions and ambitions for COP26.
b) Cyber security: Both parties are engaged in ongoing discussions to conclude an MOU by end-2020 to enhance cyber security collaboration.
c) Cross-border data flows: Both parties affirmed the importance of greater cross-border data connectivity, to ensure that financial institutions can aggregate, store, process, and transmit financial data across jurisdictions to support their risk and business decisions. The UK and Singapore discussed possible means of collaboration to further enhance cross-border data connectivity in financial services bilaterally.
d) Pandemic risk financing and insurance: As international financial centres with strong insurance sectors, both parties discussed the importance of strengthening financial resilience against pandemic risks in a COVID-19 world, and potential policy responses to the pandemic protection gap.
e) Regulatory cooperation: Possible areas for enhanced collaboration in cross-border financial regulation were discussed. Both parties reaffirmed the commitment of maintaining open markets and ensuring market continuity so that participants can trade and manage risks more efficiently between the markets.
The Financial Dialogue deepened mutual understanding, strengthened financial ties, and generated new areas of collaboration between the UK and Singapore. The next Financial Dialogue is expected to take place in London in 2021.