Singapore, UK deepen ties of their financial centres

Photo by Goh Rhy Yan

Singapore and the United Kingdom (UK) have firmed up three agreements that will further deepen connectivity between their financial centres.

First, the Monetary Authority of Singapore (MAS) concluded a memorandum of understanding (MOU) with the City of London on key areas of financial cooperation. The MOU signifies both parties’ intention to cooperate in facilitating data flows, enhancing cross-border “know-your-customer” processes, developing skills and competencies in the financial sector, and promoting green finance.

Also, MAS and the City of London agreed on a partnership arrangement on UK’s Green Finance Initiative.

This will promote and apply principles of green and sustainable finance within the financial systems of Singapore and the UK. It seeks to harmonise standards, enhance environmental and climate risk disclosures, and strengthen green finance collaboration in the international environment.

Second, the Institute of Banking and Finance Singapore and the UK Chartered Body Alliance (CBA)signed a declaration of intent to deepen collaboration in skills development for banking, capital market and insurance professionals.

The CBA comprises the Chartered Banking Institute, the Chartered Institute for Securities and Investment, and the Chartered Insurance Institute.

The collaboration includes sharing best practices and innovations in the development and delivery of training programmes, and facilitating mutual recognition of professional standards and certifications. 

Third, MAS and the Bank of England also signalled their intent to further cooperate to enhance cyber security and resilience for the financial services industry.  Both parties will work towards an MOU to formalise their engagement on cyber security matters.

“The initiatives we are working on – data flows and governance, cyber security, skills development, and green finance – will enable continued dynamism and stability in Singapore’s and London’s financial centres,” MAS chairman Tharman Shanmugaratnam said.

“I look forward to the continuing, active collaborations between our authorities as well as between our partners in the financial industry,” said Tharman, who is also senior minister and coordinating minister for social policies.