MAS taps China’s PBC Bank to Advance Green Finance

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBOC) have collaborated to enhance cooperation in green and transition finance, aiming to promote sustainable economic growth and address environmental challenges.

As Singapore’s financial regulatory authority, MAS oversees monetary policy and financial stability, playing a crucial role in shaping the FinTech landscape and promoting sustainable finance initiatives. Conversely, PBOC, as China’s central bank, regulates monetary policy, currency circulation, and the banking system, contributing to economic stability and development.

The partnership focuses on aligning taxonomies, facilitating green finance flows, and developing a decarbonisation rating platform. Initiatives include mapping taxonomies, promoting green financing flows through collaborative platforms like the Green Corridor, and creating technology solutions for carbon accounting.

The 2nd China-Singapore Green Finance Taskforce (GFTF) meeting, held on May 20, 2024, discussed joint initiatives to enhance green and transition financing flows between Singapore, China, and the region. The meeting underscored the importance of collaboration in driving tangible initiatives for green finance cooperation.

Ms. Gillian Tan, MAS’ Assistant Managing Director (Development and International) and Chief Sustainability Officer, co-chairs the GFTF with Dr. Ma Jun, Chair of the China Green Finance Committee. Tan stated, “The GFTF is a key platform for China and Singapore to jointly develop concrete and meaningful initiatives to advance green finance cooperation.”

She added, “The wide range of deliverables announced today demonstrates the strong collaboration between MAS, PBOC, and industry partners from both countries, reflecting our shared ambition to mobilise financing for an effective transition to net zero in the region.”