Finance Magnates: Wednesday May 08, 2024
The UK and Singapore have reaffirmed their dedication to fostering financing solutions that are aligned with sustainable finance.
The UK and Singapore have reaffirmed their dedication
to fostering financing solutions that are aligned with sustainable finance. Key
discussions revolved around the necessity of robust transition planning,
standardized disclosure frameworks, and the mobilization of private capital for
green finance initiatives. During the 9th
UK-Singapore Financial Dialogue held on May 8, both nations acknowledged the ongoing efforts of
international bodies like the G20 and FSB in shaping the regulatory landscape
for sustainable finance, emphasizing the importance of global cooperation. The dialogue revolved around discussions surrounding sustainable finance, FinTech, and the
evolving landscape of non-bank financial intermediation (NBFI).Embracing FinTechParallel to discussions on sustainable finance, the
dialogue witnessed a robust exchange of ideas regarding the evolving realm of
FinTech and innovation. From artificial intelligence to crypto assets and
central bank digital currencies (CBDCs), the dialogue encapsulated the spectrum
of technological advancements reshaping the financial sector. Both nations pledged to adhere to international
standards and foster collaborative efforts through platforms like IOSCO and FSB
to mitigate risks while nurturing innovation. Amidst the evolving landscape of NBFI, both the UK and Singapore recognized
the imperative of enhancing regulatory frameworks to address emerging risks
effectively. Discussions centered on bolstering authorities'
capabilities in monitoring NBFI risks through improved data sharing and policy
implementation. Additionally, the dialogue underscored the shared commitment
towards enhancing cross-border payment connectivity, with initiatives like
Project Nexus aiming to streamline and fortify global payment systems.As curtains drew on the dialogue, both nations
reaffirmed their commitment to fostering deeper engagement in sustainable
finance and FinTech. Roadmap engagements and industry roundtables underscored
the tangible steps toward realizing shared objectives.Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
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At the Group of Thirty's 39th Annual International Banking Seminar, BoE Governor Andrew Bailey emphasized the need to modernize payment systems, particularly cross-border and wholesale payments.
CBDC
PYMNTS: Monday October 28, 2024
If commercial banks dont provide retail payments innovation, central banks should be prepared to offer a retail central bank digital currency (CBDC),
CBDC Central Bank Digital Currency
Finextra: Monday October 28, 2024
The Governor of the Bank of England, Andrew Bailey has re-affirmed his support for a retail central bank digital currency, arguing that central banks are the "only game in town" as commercial banks lack the incentive to push for innovation.
CBDC Central Bank Digital Currency
Bitcoin News: Monday October 28, 2024
The Bank of England cautions it could deploy a digital currency if commercial banks falter, signaling a potential upheaval in the future of money.
CBDC
CryptoSlate: Sunday October 27, 2024
Bank of England Governor Andrew Bailey believes there is a good case for wholesale CBDCs but is more cautious of retail CBDCs.
Britcoin CBDC Central Bank Digital Currency
OMFIF (the Official Monetary and Financial Institutions Forum): Wednesday October 02, 2024
The Bank of England is currently in the design phase for a potential UK retail central bank digital currency: the digital pound.
Digital Pound