- MAS and PBC push M-CGT alignment to boost cross-border green finance.
- OCBC facilitates China’s first M-CGT green loan, signaling market acceptance.
- Tech and exchange partnerships support carbon tracking and green bonds.
The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) reiterated their dedication to enhancing collaboration in green and transition finance between Singapore and China during the 3rd Singapore-China Green Finance Taskforce (GFTF) meeting.
MAS announced that the third GFTF meeting was held in Singapore for the first time, bringing together over 40 participants from both public and private sectors to explore collaborative efforts in sustainable finance, such as improving taxonomy interoperability, promoting green finance flows, and utilizing technology to advance sustainable finance adoption.
MAS and PBC are enhancing their collaboration to promote taxonomy interoperability, leveraging the successful introduction of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) in November 2024. In June 2025, OCBC Bank (China) facilitated China's inaugural M-CGT aligned green syndicated loan for Shudao Financial Leasing (Shenzhen) Co. Ltd.
This deal illustrates increasing market acceptance of the M-CGT. MAS and PBC are furthering conversations on the criteria for transition activities in the taxonomy and examining methods to create interoperability. These initiatives seek to enhance the alignment of sustainable finance standards and promote increased international investments.
Simultaneously, China International Capital Corporation is still partnering with the Singapore Exchange to promote green financing channels via the Green Corridor. Marketing roadshows have sparked strong interest from issuers in Singapore, aiming to investigate the issuance of green panda bonds and to synchronize their debt financing with the M-CGT.
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MVGX and Beijing Green Exchange updated their initiatives in carbon accounting and a decarbonization rating platform, showcasing how technology-driven emissions tracking can support Singaporean and Chinese financial institutions in offering green financing solutions to their clients.
The gathering also explored possible collaboration areas in biodiversity and nature funding, along with prospects in Shanghai's green finance development and transition process.
“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.
She believes that the GFTF continues to be dedicated to collaboratively creating concrete and effective solutions to boost the advancement of sustainable finance to meet the real economy demands for Asia’s transition to net zero.