The Monetary Authority of Singapore (MAS) and the Central Bank will support the development of upskilling and reskilling initiatives with $26 million in funding.
Key takeaways
- The MAS and Singapore Central Bank will allocate $26 million to develop the sustainable finance industry in the country.
- The MAS and the IBF released a report titled Sustainable Finance Jobs Transformation Map (JTM).
- Singapore has been leading the development of the sustainable finance sector in the SEA region.
The development of different initiatives towards the sustainable finance sector will take 3 years, aiming to expand the sustainable finance sector in the country.
The MAS also announced the release of a new study titled Sustainable Finance Jobs Transformation Map (JTM), which was done along with the Institute of Banking and Finance (IBF).
The report stated that the sustainable finance market in the ASEAN region will reach the amount of S$4 to 5 trillion over the next decade.
Mr Chia Der Jiun, Managing Director, MAS stated “ASEAN’s sizable sustainable financing needs over the next decade present significant opportunities for Singapore’s financial centre to support the region’s transition to net zero.”
MAS is strongly supportive of efforts across financial institutions and training providers to upskill the financial services sector workforce in a timely fashion. I encourage professionals to tap on the available support and deepen their sustainable finance capabilities to capture these opportunities.
Mr Chia Der Jiun, Managing Director, MAS
Singapore leading the sustainable finance sector in the SEA region
Over the last years Singapore has been positioning itself as one of the leading countries in the development of the sustainable finance industry in the SEA region, some of the main factors behind the industry’s growth are:
• Innovative Grant Schemes: The Monetary Authority of Singapore (MAS) introduced the Green and Sustainability-Linked Loan Grant Scheme (GSLS), which is the first of its kind globally. This scheme supports corporates of various sizes and sectors to access green financing and adopt sustainable business practices.
• Strategic Government Initiatives: Singapore’s government has launched action plans such as the Singapore Green Plan 2030 to reach carbon neutrality from 2050 onwards. These initiatives include boosting markets for green debt and enhancing transparency in company disclosures.
• Public Sector Leadership: The public sector has led efforts to establish Singapore as a green finance hub for Southeast Asia. This includes promoting green bonds and creating a carbon exchange in collaboration with major financial institutions.
• Environmental Risk Management: MAS has published environmental risk management guidelines for banks, insurers, and asset management companies. This strengthens the financial sector’s role in promoting an environmentally sustainable economy.
• Client Adoption and Interest: There has been increased adoption of sustainability-focused financial products and growing interest in platforms like Climate Impact X, indicating a collective effort to tackle climate change.
Over the next few years, it is expected that Singapore will continue to position itself as one of the leading countries in the sustainable finance industry in the world.
