Both Countries Agree to Sign MOU for Enhanced Bilateral Cyber-Security Cooperation
The Singapore and UK Partnership will explore even more opportunities for greater collaboration to enhance regulatory defense and information sharing.
A Memorandum of Understanding (MOU) was signed by representatives of both countries to partner on financial services. Singapore’s representative was from the Monetary Authority of Singapore (MAS). The representative from Great Britain was the Chancellor of the Exchequer. The new partnership was marked on 30 June.
Enhancing Bilateral Cyber-Security Cooperation
The Singapore and UK partnership will focus on enhancing bilateral cyber-security cooperation. This includes the sharing of information that is cyber-related and the best supervisory practices. The partnership comes in an important and timely manner.
The collaboration will give both countries the momentum it needs for sustainable finance. Singapore is pushing for the Green Finance Action Plan to help support Asia as it makes the transition to a low carbon economy. The UK is hosting the United Nations Climate Change Conference (COP26) in November. Not only will the collaboration strengthen sustainable finance, but it will also push for the development of carbon markets and climate-related financial disclosure.
Addressing these areas is crucial for both countries to forge an international alignment. This stronger regulatory cooperation will give both countries the framework it needs for new activities and growth. Technology is accelerating the transformation that is happening in the financial services industry.
This agreement indicates that the UK is committed to upholding high regulatory standards. The Singapore and UK partnership will enhance trade and investment in the Asia-Pacific region. A boost in collaboration is important for the green finance and Fintech areas.
Singapore and the UK will continue exploring opportunities to further collaborate on a pilot biodiversity study. The study aims to study how the financial system could be impacted by nature-related risks.
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Singapore has always been at the forefront of innovation and technology. It is a country that is always driving change for the better. This is one of the many reasons why Singapore has retained its standing as an international business hub that thrives in Asia.
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