Singapore and the United Kingdom (UK) concluded three agreements today that will further deepen connectivity between the financial centres in Singapore and the UK. The agreements were made at the UK-Singapore Business Summit held in London in commemoration of Singapore’s Bicentennial.
2 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. The agreement was signed by Mr Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies, and Chairman of MAS, and Mr Peter Estlin, the Lord Mayor of the City of London.
3 MAS and the City of London also agreed on a Partnership Arrangement on UK’s Green Finance Initiative. The Partnership Agreement 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. The agreement was signed by Mr Benny Chey, MAS Assistant Managing Director (Development and International) and Sir Roger Gifford, Chair of the Green Finance Initiative.
4 In addition, the Institute of Banking and Finance Singapore (IBF) and the UK Chartered Body Alliance (CBA)1 signed a Declaration of Intent to deepen collaboration in skills development for banking, capital market and insurance professionals. 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. The Declaration was signed by Mr Ng Nam Sin, Chief Executive Officer of IBF, Ms Sian Fisher, Chief Executive Officer of the Chartered Insurance Institute2, Mr Simon Culhane, Chief Executive of the Chartered Institute for Securities and Investment3, and Mr Simon Thompson, Chief Executive of the Chartered Banker Institute.
5 MAS and the Bank of England (BOE) 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.
6 Senior Minister Tharman said, “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. I look forward to the continuing, active collaborations between our authorities as well as between our partners in the financial industry.”
1 The CBA comprises the Chartered Banking Institute (CBI), the Chartered Institute for Securities and Investment (CISI), and the Chartered Insurance Institute (CII).
2 Mr Simon Thompson, CEO of CBI, signed on behalf of Ms Sian Fisher, CEO of CII.
3 Mr John Preston, Chief Operating Officer of CISI, signed on behalf of Mr Simon Culhane, CEO of CISI.
