Governance

Overview

All strategies to promote a vibrant sustainable finance ecosystem are tabled and discussed at the Green Finance Steering Committee (GFSC) chaired by MAS’ Managing Director. The development and implementation of growth strategies may also be deliberated at the Management Development and International Committee (MDIC), which is chaired by MAS’ Deputy Managing Director (Markets and Development).

MAS consults and works closely with the industry on our sustainable finance initiatives. In 2019, the Green Finance Industry Taskforce (GFIT) was convened by MAS and comprises representatives from financial institutions, corporates, non-governmental organisations and financial industry associations. The Taskforce seeks to accelerate the development of sustainable finance through four key initiatives: (i) develop a taxonomy; (ii) improve disclosures; (iii) foster green finance solutions; and (iv) enhance environmental risk management practices of financial institutions. The Taskforce will also support sustainable finance capability building among banks, insurers and asset managers.