International and Regional Collaborations

To shape the development of sustainable finance in Singapore and the region, MAS is working closely with industry, international and regional counterparts.


MAS collaborates with industry, and our international and regional counterparts, to develop global standards, enhance best practices, and inform financial supervisory and central banking policies. MAS also works with our regional neighbours to have a strong common voice in areas of mutual interest in the international arena and collaborate on projects. Through our involvement, we seek to share our perspectives as a central bank in Asia and shape the development of the sustainable finance market in Singapore and the region in accordance with global standards. 

International Collaborations

Basel Committee on Banking Supervision’s (BCBS)

The Basel Committee on Banking Supervision (BCBS) is a global standard-setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters.

MAS participates in the BCBS Task Force on Climate-Related Financial Risks (TFCR) which studies regulatory, supervisory and disclosure measures to address climate-related financial risks to the global banking system. MAS co-chairs the workstream on supervision, and is a member of the other two workstreams on regulation and disclosure.

Financial Stability Board (FSB)

The Financial Stability Board (FSB) is an international body that coordinates national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies.

The FSB had developed a roadmap for addressing climate-related financial risks that covers four main interrelated areas: (i) Firm-level disclosures; (ii) Data; (iii) Vulnerabilities analysis; and (iv) Regulatory and supervisory practices and tools.

MAS is a member of the FSB Steering Committee and Plenary as well as the FSB Standing Committee on the Assessment of Vulnerabilities (SCAV) Climate Vulnerabilities and Data Group, which supports SCAV’s work on climate-related vulnerabilities analysis and data.

G20 Sustainable Finance Working Group (SFWG)

The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries and the European Union. Singapore is an invited guest to the G20. The G20 works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

MAS, together with the Ministry of Finance, represents Singapore in the G20 Sustainable Finance Working Group (SFWG) . The G20 SFWG seeks to advance international work to scale up sustainable finance and has developed a multi-year Sustainable Finance Roadmap to accelerate the implementation of the Paris Agreement and 2030 Agenda.

International Association of Insurance Supervisors (IAIS)

The International Association of Insurance Supervisors (IAIS) is the global standard-setting body responsible for developing and assisting the implementation of principles, standards and guidance as well as supporting material for the supervision of the insurance sector.

Established by IAIS in 2021, and chaired by MAS, the IAIS Climate Risk Steering Group (CRSG) is responsible for the overall coordination of the IAIS’ work on climate risk. The CRSG has formed three workstreams, which has respectively undertaken:

  • a gap analysis of the Insurance Core Principles, with a view to subsequently update relevant ICPs and supporting material to more explicitly include climate risks;
  • a stocktake of member jurisdictions’ work on climate scenario analysis, with a view to share best practices in this area to support insurance supervisors to better assess climate risks; and
  • an assessment of data elements that could be integrated into the IAIS’ Global Monitoring Exercise to provide an annual insight of risks to the insurance sector from climate change.
International Organisation of Securities Commissions (IOSCO) Sustainable Finance Task Force (STF)
In 2021, MAS co-led a Technical Expert Group (TEG) within the STF, together with the U.S. Securities and Exchange Commission, to inform IOSCO’s potential endorsement of future standards issued by the International Sustainability Standards Board (ISSB). MAS continues to be involved in this work in 2022 as part of the Technical Review Coordination Group (TRC). It leads the review of the ISSB’s climate exposure draft standard and is actively involved in workgroups on enhancing sustainability assurance, digital reporting, and industry practices. Through high-quality technical assistance, education and training, and research, IOSCO seeks to build sound global capital markets and a robust global regulatory framework.
International Platform on Sustainable Finance (IPSF)

MAS represents Singapore at the International Platform on Sustainable Finance (IPSF) – which is a forum for dialogue between policymakers with the overall aim of increasing the amount of private capital invested in environmentally sustainable investments.

As part of the IPSF Steering Committee and taxonomy workgroup, MAS is committed to cooperate in the development of globally comparable and interoperable sustainable finance alignment tools, including definitions and taxonomies, while considering local specificities and transition considerations.

Network for Greening the Financial System (NGFS)

Established in 2017, the Network for Greening the Financial System (NGFS)  has been playing a leading role to expand and strengthen the global efforts towards greening the financial system. NGFS’ efforts are focused on improving the resilience of the financial system to climate-related and environmental risks, and encouraging the scaling up of the financing flows needed to support the transition towards a sustainable economy. MAS Managing Director, Mr Ravi Menon, was appointed as the Chair of the NGFS for a two-year term starting in January 2022. 

MAS is one of the founding members of the NGFS, and has been an active participant across its workstreams. MAS led the workstream on microprudential and supervision which provides guidance for supervisors on incorporating climate and environmental risks within their supervisory framework, and is also involved in other work relating to the development of climate scenarios for scenario analysis and stress testing, scaling up sustainable finance, bridging data gaps, and advancing research priorities.

Sustainable Insurance Forum (SIF)

The Sustainable Insurance Forum (SIF) is a global network of insurance supervisors and regulators. It is a platform for international collaborative action on sustainability issues and knowledge sharing of best practices. As a founding member, MAS has been actively involved in the development of SIF’s reports.

Regional Collaborations

ASEAN Taxonomy Board (ATB)

The ASEAN Taxonomy Board (ATB) is developing an ASEAN sustainable finance taxonomy for all ASEAN Member States. The taxonomy will serve as ASEAN’s overarching guide and common language for sustainable finance, to facilitate the region’s orderly transition towards a low carbon and environmentally sustainable future. The taxonomy is designed to be inclusive, while taking into consideration widely used taxonomies and standards.

MAS is the Vice-Chair of the ATB and Chair of the workstream that is developing the “Plus Standard”, which will provide science-based guidance on the classification of green and transition activities.

ASEAN Capital Markets Forum (ACMF) and ASEAN Working Committee on Capital Market Development (WC-CMD)

The ASEAN Capital Markets Forum (ACMF) aims to develop a deep, liquid, and integrated regional capital market. The ACMF has been active in sustainable finance, developing the ASEAN Green, Social, and Sustainability Bonds Standards to support sustainable regional growth and meet investor interest for green investments. The ACMF is currently developing the ASEAN Sustainability-linked Bonds Standards and sustainable fund standards, and promoting corporate sustainability and institutional investor disclosures.  

The ASEAN Working Committee on Capital Market Development (WC-CMD) works closely with the ACMF towards the common goal of an integrated ASEAN capital market. The WC-CMD implements various ASEAN capital market development initiatives to support capacity building for sustainable finance in the region.

ASEAN Insurance Regulators' Meeting (AIRM)
The ASEAN Insurance Regulators’ Meeting (AIRM) brings together insurance regulators in the region, with the objective of strengthening mutual cooperation in supervising insurers operating in ASEAN member states. As current chair of AIRM, MAS worked closely with its regulatory counterparts to develop the AIRM’s workplan for sustainable insurance, which includes prioritising capacity building in sustainability and climate risk supervision and supporting the development of the ASEAN Taxonomy. 
ASEAN Senior Level Committee (SLC) for Financial Integration
MAS is the Co-Chair of the ASEAN Senior Level Committee (SLC) for Financial Integration from 2022 – 2024, which oversees ASEAN’s sustainable banking initiatives. The SLC is collabarating  with SEACEN to ramp up capacity building in sustainable finance for financial regulators and central bank personnel; and will also be developing an ASEAN Green Map with the other ASEAN financial regulators to promote the comprehensive and coordinated development of sustainable finance in the region. The SLC also supports the development of the ASEAN Taxonomy under the auspices of the ATB.
Executives' Meeting of East-Asia Pacific Central Banks (EMEAP)
MAS is a member of the Executives’ Meeting of East-Asia Pacific Central Banks (EMEAP) , which is a cooperative forum of eleven central banks and monetary authorities in the East-Asia pacific region. 

As Chair of the EMEAP Monetary and Financial Stability Committee (MFSC), MAS leads the curation of the Sustainable Finance agenda at MFSC meetings, where the impact of environmental risks and vulnerabilities in financial stability, as well as the implication of climate change on monetary policy have been discussed.