The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have agreed to deepen cooperation in green and transition finance following the third Singapore-China Green Finance Taskforce (GFTF) meeting, held in Singapore.
The meeting, convened for the first time in the city state, brought together more than 40 public and private sector representatives to advance joint sustainable finance initiatives between the two countries.
These efforts include enhancing the interoperability of green finance taxonomies, facilitating cross-border green financing flows, and leveraging technology to promote sustainable finance adoption.
MAS and PBC reported progress across several key workstreams under the GFTF, which was established to scale up green and transition finance between Singapore, China, and the region.
In taxonomy and definitions, both central banks are working to advance interoperability between their respective frameworks.
This builds on the successful launch of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) in November 2024, which aligns green finance standards across jurisdictions such as the EU, China, and Singapore.
In a notable market development, OCBC Bank (China) arranged the country’s first green syndicated loan aligned with the M-CGT for Shudao Financial Leasing (Shenzhen) Co., Ltd in June 2025.
MAS and PBC also said they are expanding discussions around taxonomy criteria for transition activities, aiming to further harmonise sustainable finance standards and facilitate larger cross-border investment flows.
In products and instruments, China International Capital Corporation is continuing its collaboration with the Singapore Exchange (SGX) through the Green Corridor initiative.
The initiative, launched in May 2024, encourages greater green financing flows between Singapore and China, with particular focus on green panda bond issuances.
According to MAS, marketing roadshows have generated growing interest among Singapore-based issuers to align debt financing with M-CGT standards.
The task force also highlighted the use of technology to support green finance. Singapore-based MVGX and Beijing Green Exchange are developing carbon accounting tools and a decarbonisation rating platform.
Both firms updated the task force on plans to demonstrate how technology-enabled emissions monitoring could support green financing solutions provided by financial institutions in both markets.
The meeting also explored potential collaboration in biodiversity and nature financing, as well as opportunities related to Shanghai’s green finance development.
“We are pleased to host the GFTF in Singapore this year,” said Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer at MAS. He added:
The GFTF has developed into an important platform for public sector and industry experts from both countries to shape bold and impactful initiatives.
The GFTF was set up with three workstreams led by both public and private sector players, focusing on scaling up green and transition financing between Singapore, China, and the region.
