The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have agreed to strengthen their work together on green and transition finance. This decision was made during the 3rd meeting of the Singapore-China Green Finance Taskforce (GFTF) held last Thursday.
MAS said in a statement on last Friday that held in Singapore for the first time, the 3rd GFTF meeting brought together more than 40 public and private sector participants to discuss joint initiatives in sustainable finance, including enhancing the interoperability of taxonomies, facilitation of green finance flows, and leveraging technology to facilitate sustainable finance adoption.
The GFTF workstreams reported on the progress of various joint initiatives.
MAS and the People’s Bank of China (PBC) are working more closely to improve how their green finance systems work together. This builds on the successful launch of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) in November 2024, which helps different countries follow the same rules for green finance.
In June 2025, OCBC Bank (China) arranged the first green syndicated loan in China that follows the M-CGT standards. The loan was given to Shudao Financial Leasing (Shenzhen) Co., Ltd. This shows that more companies are starting to use the M-CGT in real business deals.
MAS and PBC are also discussing how to define green activities during the transition to cleaner energy and how to make their systems work even better together. These efforts aim to make it easier for investors to support green projects across borders.
At the same time, China International Capital Corporation is still working with the Singapore Exchange to support green investments through the Green Corridor. Roadshows have attracted strong interest from Singapore-based companies who want to issue green panda bonds or align their financing with M-CGT standards.
MVGX and Beijing Green Exchange also shared updates on their carbon accounting and decarbonization rating tools. These tools use technology to track emissions and help banks in Singapore and China offer green financing to their clients.
The meeting also explored new areas for teamwork, such as financing for biodiversity and nature, and opportunities to support Shanghai’s green and low-carbon development.
“We are pleased to host the GFTF in Singapore this year,
“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,” said Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer of MAS, who co-chairs the GFTF with Dr Ma Jun, Chair of the China Green Finance Committee.
According to her, 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.
Read more- CMC Invests Over $250 Million to Build Advanced Data Center in Vietnam
