The Monetary Authority of Singapore (MAS) and United Kingdom counterparts have concluded the 10th UK-Singapore Financial Dialogue, setting out an expanded joint agenda on digital finance and innovation and sustainable finance, alongside discussions on capital markets and international regulatory developments. Key outcomes included agreement by the Financial Conduct Authority (FCA) and MAS to deepen collaboration on asset tokenisation through Project Guardian and to build a joint programme on the use and regulation of artificial intelligence (AI) in financial services. On tokenisation, the FCA and MAS will work with the United Kingdom’s Investment Association and the Investment Management Association of Singapore to examine the investor impacts of asset tokenisation and support broader adoption of tokenised assets, alongside continued engagement on the Global Layer One initiative. AI cooperation will focus on sharing innovative solutions and discussing cross-border AI developments. Sustainable finance exchanges covered transition finance and climate-risk supervision, voluntary carbon markets including the United Kingdom’s consultation on a governance framework for voluntary carbon credits, and Singapore’s initiatives to grow carbon markets and develop transition credits. The dialogue also reviewed efforts to improve sustainability disclosure comparability through phased moves towards International Sustainability Standards Board standards, the United Kingdom’s Sustainability Disclosure Requirements and investor labelling regime, and work towards an ESG ratings provider framework, as well as capital markets measures including the United Kingdom’s commitment to adopt T+1 settlement by October 2027 and MAS’s initial measures from the Equities Market Review Group. International regulatory discussions included Financial Stability Board priorities, non-bank financial intermediation and implementation of leverage recommendations, and Basel III, with MAS noting it has fully implemented the Basel III reforms from 1 January 2025. The two sides agreed to continue engagement through roadmap work ahead of the next Financial Dialogue in Singapore in 2026.
Monetary Authority of Singapore 2025-07-03
Monetary Authority of Singapore and United Kingdom authorities deepen cooperation on tokenisation, AI and sustainable finance at the 10th Financial Dialogue
The Monetary Authority of Singapore and UK counterparts concluded the 10th UK-Singapore Financial Dialogue, expanding their agenda on digital finance, innovation, and sustainable finance. Key agreements include collaboration on asset tokenisation through Project Guardian and developing a joint AI regulation programme in financial services. Discussions also covered sustainable finance, capital markets, and international regulatory developments, with MAS noting full implementation of Basel III reforms from January 2025.