Latest news with #Singapore-AsiaTaxonomy
Business Times
27-04-2025
- Business
- Business Times
More support for SMEs to access sustainable financing: UOB
UOB said that it is enhancing support for small and medium-sized enterprises (SMEs) to help them access sustainable financing. The lender has incorporated the Monetary Authority of Singapore's (MAS) Technical Screening Criteria of the Singapore-Asia Taxonomy into all of its six sector-focused sustainable financing frameworks. The frameworks are: circular economy, green buildings, sustainable cities, sustainable food and agribusiness, sustainable trade, as well as transition finance. UOB wants to ensure that sustainable financing remains accessible, while supporting the green transition. The enhanced frameworks explicitly include companies in the industry value chain that provide goods and services in sustainable assets, activities, projects and products. The bank applies a differentiated assessment model. The entities directly involved in the economic activities, such as project owners and main contractors, that are seeking financing above a specific threshold will need to provide evidence of their compliance with specific criteria. Other entities, such as those assessed with lower risk profiles, will follow an attestation-based approach with mandatory representations and warranties. UOB's transition finance framework covers specific measures for a just and orderly transition in the oil, gas and chemicals sector, with defined sunset dates established. This gives companies the time and support needed to pivot their business models, enhance operational efficiencies and move towards lower-carbon solutions. Lim Lay Wah, UOB's group head of sector solutions and global financial institutions group, said: 'UOB's long-term vision is to balance environmental integrity with practical economic considerations, ensuring SMEs can decarbonise while maintaining business growth.' The lender provided S$58 billion in sustainable financing in 2024. It said that it has supported 580 SMEs in their sustainability journey, financed more than 175 green buildings, enabled the development of 20 green data centres, and facilitated S$7 billion in sustainable trade financing for agri-commodities and responsible supply chains.
Yahoo
07-04-2025
- Business
- Yahoo
MAS ‘stands ready to curb excessive volatility in the Singapore dollar'
From an overnight rate of around $1.3429 SGD to the USD, the rate spiked to US$1.3488 by 8.00 am before easing back to $1.3429 by around 1.00 pm. The Monetary Authority of Singapore (MAS) says Singapore's foreign exchange and money markets continue to function normally after US President Donald Trump announced tariffs on US trading partners worldwide. In an April 3 announcement, Singapore's central bank says it stands ready to curb excessive volatility in the Singapore dollar, and to ensure that Singapore's foreign exchange (forex) and money markets continue to function in an orderly manner. MAS says it is 'closely monitoring developments and assessing the implications for the Singapore economy'. The central bank's statement did not make reference to a sharp movement of the Singapore dollar versus the US dollar earlier today. From an overnight rate of around $1.3429 SGD to the USD, the rate spiked to $1.3488 by 8.00 am before easing back to $1.3429 by around 1.00 pm. Trump said on April 2 (April 3, Singapore time) that he will apply a minimum 10% tariff on all exporters to the US, which will take effect on April 5. Trump also announced 'reciprocal tariffs' on nations that run trade surpluses with the US — Singapore included. Singapore's imports to the US will be levied an additional 10% tariff, which will take effect on April 9. 8% y-o-y in 1Q2025; geopolitical tensions cited as top risk to economy New MAS document outlines adoption of Singapore-Asia Taxonomy among banks and corporates, hopes to encourage wider use Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
