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Singapore outlines financial services overhaul with eye on green finance boom

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SINGAPORE – Singapore announced plans on Thursday (Sept 15) to overhaul its financial services industry by 2025 in a bid to cement its position in a 'key battleground' to fight climate change, mobilising capital to support sustainable financing and green fintech. The Industry Transformation Map 2025 plans released by the Monetary Authority of Singapore (MAS), the city-state's central bank, will...

SINGAPORE – Singapore announced plans on Thursday to overhaul its financial services industry by 2025 in a bid to cement its position in a "key battleground" to fight climate change, mobilising capital to support sustainable financing and green fintech.

The broad plans, for which full details have yet to be announced, come with Singapore's allure as a finance hub in Asia growing amid prolonged Covid-19 curbs and concern about mainland China's growing scrutiny of rival Hong Kong. Wong said during a media briefing that there was "growing interest" among high-net-worth individuals and family offices to do more in the field of philanthropy.

The plans include a $100 million fund over five years to support sustainability within the finance sector such as green fintech, new sustainable financing solutions and reinsurance.

 

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