HM Treasury and the Monetary Authority of Singapore published a joint statement recording the outcomes of the 10th UK-Singapore Financial Dialogue, held in London on 2 July, covering digital finance and innovation, sustainable finance, capital markets and international regulatory developments. The statement sets out areas where the two sides intend to deepen practical collaboration, including through follow-on roadmap engagements ahead of the next Dialogue in Singapore in 2026. On digital finance, the Financial Conduct Authority and MAS agreed to deepen work linked to Project Guardian through joint collaboration with the UK’s Investment Association and the Investment Management Association of Singapore, focusing on the investor impact of asset tokenisation and supporting adoption in both markets, alongside updates on the Global Layer One initiative. On AI, the FCA and MAS agreed to develop joint collaboration centred on sharing innovative AI solutions and cross-border developments, with an FCA-MAS AI Innovation Showcase in London on 3 July positioned as the start of this programme. Sustainable finance discussions covered UK work following the Transition Finance Market Review, the creation of the Transition Finance Council, progress on the Prudential Regulation Authority’s proposed update to supervisory expectations on climate-related risks, Singapore’s adoption of the Singapore-Asia Taxonomy and its inclusion in the International Platform on Sustainable Finance’s Common Ground Taxonomy, and cooperation on voluntary carbon markets, including the UK’s consultation on a governance framework for voluntary carbon credits and Singapore’s work on transition credits. Both sides also exchanged updates on sustainability disclosures, including a phased move towards adoption of International Sustainability Standards Board standards, and referenced UK progress on Sustainability Disclosure Requirements and labelling and on a future regulatory framework for ESG rating providers, noting the importance of interoperability and the International Organization of Securities Commissions’ recommendations for ESG rating and data providers. Capital markets exchanges included UK pensions reforms and its commitment to adopt a T+1 settlement cycle by October 2027, alongside Singapore’s first set of measures from the Equities Market Review Group and upcoming work. International regulatory discussions covered Financial Stability Board priorities, including non-bank financial intermediation and implementation of leverage recommendations, with the UK reaffirming its commitment to Basel III implementation and MAS noting it has fully implemented Basel III reforms from 1 January 2025. An industry-led UK-Singapore business roundtable on 3 July followed the Dialogue, with discussion including AI.

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