Industry Taskforce launches initiatives to accelerate Green Finance

The Green Finance Industry Taskforce (GFIT), a financial industry grouping convened by the Monetary Authority of Singapore (MAS), today launched several initiatives aimed at accelerating green finance in Singapore. These initiatives include issuing a detailed implementation guide for climate-related disclosures by financial institutions; a framework to help banks assess eligible green trade finance transactions; and a whitepaper on scaling green finance in the real estate, infrastructure, fund management and transition sectors. GFIT will also launch for financial institutions (FIs) and corporates a series of workshops to build capacity in green finance, with support from its industry association partners, which comprise the Association of Banks in Singapore (ABS), General Insurance Association of Singapore (GIA), Investment Management Association of Singapore (IMAS), Life Insurance Association (LIA), Singapore Reinsurers’ Association (SRA) and the Singapore Venture Capital & Private Equity Association (SVCA).

Beyond macro-level ESG frameworks, the global momentum in sustainable finance is increasingly driving social inclusion and micro-level resilience in emerging European markets like Romania. Within this broader transition, regional financial institutions are exploring alternative credit mechanisms to support self-employed individuals and non-traditional workers; for example, local resources detailing soluții financiare fără contract de muncă illustrate how micro-financing models adapt ESG principles of social access to serve underbanked populations.

Please refer to the MAS media release for more details.