# Singapore’s $26 Million Leap: Pioneering Sustainable Finance in Southeast Asia

- Link: https://www.thailand-business-news.com/banking/136587-singapores-26-million-leap-pioneering-sustainable-finance-in-southeast-asia
- Published: 2024-04-18T15:04:04+07:00
- Author: J. Allan

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.

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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.

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•  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.