China and Singapore, the major Asian economies, set up a working group to deepen bilateral cooperation in green finance and transformational finance. The move aims to foster greater collaboration between the public and private sectors to achieve a low-carbon future for the region.
The Monetary Authority of Singapore (MAS) has announced the establishment of the China-Singapore Green Finance Task Force (GFTF), in partnership with the People's Bank of China (PBoC). Through the GFTF, the duo aim to jointly develop a set of financial standards, products, technologies and definitions to reduce the carbon footprint.
According to MAS Assistant Managing Director and Chief Sustainability Officer Gillian Tan, public-private players from China and Singapore will collaborate “on concrete initiatives to facilitate capital flows to support our country's secure transition to a low-carbon future.” and inclusive transitions and regions First, the GFTF will allow the MAS and PBoC to find common ground for taxonomy and definition of each other's existing transition activities. The working group will also enable countries to strengthen sustainable bond market connectivity, including two-way access to green and transition bond products
The Bank of China is reportedly opening bank accounts for regulated crypto companies, several of which serve as payment layers for crypto platforms. While China's state-owned Bank of Communications is in talks to open accounts for regulated companies, Hong Kong's largest virtual bank, ZA Bank, will act as a settlement bank for cryptocurrency companies, The Wall Street Journal reported.
