The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) reaffirmed their commitment to advance cooperation in green and transition finance between Singapore and China at the 3rd Singapore-China Green Finance Taskforce (GFTF) meeting yesterday.
2 Held in Singapore for the first time, the 3rd GFTF meeting brought together more than 40 public and private sector participants to discuss joint initiatives in sustainable finance, including enhancing the interoperability of taxonomies, facilitation of green finance flows, and leveraging technology to facilitate sustainable finance adoption.
3 The GFTF workstreams
- Taxonomies and Definitions: MAS and PBC are strengthening their partnership to advance taxonomy interoperability, building on the successful launch of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT)
[2] in November 2024. OCBC Bank (China) has arranged China’s first M-CGT aligned green syndicated loan to Shudao Financial Leasing (Shenzhen) Co. Ltd in June 2025. This transaction demonstrates growing market adoption of the M-CGT.
MAS and PBC are also advancing discussions on the taxonomy criteria for transition activities and exploring ways to establish interoperability. These efforts aim to further harmonise sustainable finance standards and facilitate greater cross-border investments. - Products and Instruments: China International Capital Corporation continues to collaborate with the Singapore Exchange on facilitating green financing flows through the Green Corridor
[3] . Marketing roadshows have generated keen interest from Singapore-based issuers, both to explore the issuance of green panda bonds and to align their debt financing with the M-CGT. - Technology: Building on MVGX’s and Beijing Green Exchange’s work in carbon accounting and a decarbonisation rating platform, both entities provided an update on their plans to demonstrate how technology-enabled emissions monitoring can facilitate the provision of green financing solutions by Singapore and Chinese financial institutions to their clients.
4 The meeting also discussed potential areas of collaboration in biodiversity and nature financing, and opportunities in Shanghai’s green finance development and transition journey.
5 Ms Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer of MAS, who co-chairs the GFTF with Dr Ma Jun, Chair of the China Green Finance Committee, said, “We are pleased to host the GFTF in Singapore this year. The GFTF has developed into an important platform for both public sector and industry experts from Singapore and China to collaborate and work hand-in-hand to shape bold and impactful initiatives. The GFTF remains committed to jointly develop concrete and tangible solutions to accelerate the growth of sustainable finance to support real economy needs for Asia’s net zero transition.”
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[1] The GFTF was set up with three workstreams led by private and public sector players, focused on initiatives to scale up green and transition financing flows between Singapore, China and the region.
[2] The International Platform on Sustainable Finance presents the Multi-Jurisdiction Common Ground Taxonomy to enhance interoperability of taxonomies across EU, China and Singapore.
[3] At the 2nd GFTF in May 2024, Singapore Exchange and China International Capital Corporation announced their collaboration on a Green Corridor to encourage greater green financing flows between Singapore and China, focusing on green panda bond issuances as a start.
