Singapore and China are deepening their partnership to accelerate green and transition finance. At the third Singapore-China Green Finance Taskforce ( GFTF ) meeting, held in Singapore for the first time on July 10, the Monetary Authority of Singapore ( MAS ) and the People’s Bank of China ( PBoC ) reaffirmed their shared commitment to shaping a low-carbon future for Asia through collaboration.

More than 40 public and private sector representatives joined the meeting to discuss key priorities: aligning green finance definitions ( “taxonomies” ), facilitating cross-border green capital flows, and using technology to improve emissions tracking.

A standout development was the adoption of the Multi-Jurisdiction Common Ground Taxonomy ( M-CGT ), launched in 2024. OCBC Bank ( China ) recently arranged China’s first M-CGT-aligned syndicated green loan for Shudao Financial Leasing, an early sign of growing market acceptance of this harmonized framework.

Technological cooperation also gained ground at the meeting with Singapore’s MVGX and the Beijing Green Exchange, confirming the development of platforms for carbon accounting and sustainability ratings, and laying the groundwork for data-driven, scalable green finance solutions.

The two countries are also making strides with the “Green Corridor”, an initiative to support Singapore-based companies in raising capital in China via green panda bonds and taxonomy-aligned financing tools.

The meeting also discussed potential areas of collaboration in biodiversity and nature financing, and opportunities in Shanghai’s green finance development and transition journey.

Gillian Tan, assistant managing director ( development and international ) and chief sustainability officer of MAS, who co-chairs the GFTF with Ma Jun, chair of the China Green Finance Committee, says: “The GFTF has developed into an important platform for both public sector and industry experts from Singapore and China to collaborate and work hand-in-hand to shape bold and impactful initiatives. The GFTF remains committed to jointly developing concrete and tangible solutions to accelerate the growth of sustainable finance to support real-economy needs for Asia’s net-zero transition.”