Both countries engaged in talks about advancing sustainable finance projects, with a special emphasis on funding scale-up for the net zero objective.

The conversation in sustainable finance brought to light important advancements in transition planning.

In order to support the scaling of transition financing, the UK and Singapore underlined the need of having transition plans that are robust and internationally comparable. Updates were given on a number of projects, such as the disclosure framework developed by the Transition Plan Taskforce and the Transition Planning Guidelines consultation held by the Monetary Authority of Singapore (MAS). The two nations recognized the continuous endeavors at global scales, including the G20 and Financial Stability Board (FSB), aimed at tackling financial risks associated with climate change.

The discussion also emphasized the significance of data products, ESG ratings, and disclosure norms in sustainable finance. In order to improve the uniformity and comparability of sustainability-related disclosures worldwide, the UK and Singapore reaffirmed their commitment to putting the International Sustainability guidelines Board (ISSB) guidelines into practice. Voluntary rules of behavior for ESG ratings and data product suppliers that adhere to IOSCO's recommendations were additional topics of discussion.

Both countries recognized the lack of funding for Asia's green and transition finance in the area of sustainable infrastructure and investment. Building on earlier strategic alliances, cooperative initiatives were presented to raise private finance for the net zero transition. In order to support green financing and energy transition projects in the area, updates on programs such as Singapore's Financing Asia's Transition Partnership (FAST-P) were given.

The discussion then shifted to FinTech and innovation, covering a number of topics such as tokenization, central bank digital currency (CBDC), cryptoassets, and artificial intelligence (AI). The dangers and opportunities related to the growing usage of artificial intelligence (AI) as well as the legal frameworks governing stablecoins and cryptoassets were discussed. Along with updates on the UK's efforts toward creating a legislative framework for cryptoassets and investigating CBDC, conversations around tokenization and distributed ledger technology (DLT) were held.

Furthermore examined were advancements in the non-bank financial intermediation (NBFI) industry and cross-border payment connectivity. Both nations stressed how critical it is to complete international policy work on margining procedures and NBFI leverage, as well as to strengthen authorities' capacity to monitor risks in NBFIs. Along with updates on initiatives like Project Nexus, which aim to improve cross-border payment systems, the commitment to the G20's Roadmap to Enhancing Cross-Border Payments was reaffirmed.

"Scaling transition financing requires good transition plans that are comparable globally. According to John Smith, Head of Climate Finance at UK Treasury, "the UK and Singapore are committed to addressing climate-related financial risks through collaborative efforts."