Singapore and Asian Development Bank ink MOU to promote investment and innovation in region

SINGAPORE and the Asian Development Bank (ADB) have agreed to promote greater investment and innovation in the Asia Pacific, including in areas such as liveable cities and fintech, under a Memorandum of Understanding (MOU) signed on Thursday (Jul 14).

Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong and ADB President Masatsugu Asakawa signed the agreement on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia.

The agreement also recognises the importance of private sector finance and catalysing public sector resources for sustainable and inclusive development. Replacing an MOU signed in 2012, it seeks to build on those areas of collaboration: knowledge sharing and cooperation in governance and public policy, private sector development, and climate change.

The new MOU thus focuses on mobilising investment, financing, management skills, and technologies – from Singapore’s public and private sectors – for private sector development projects in ADB developing member countries.

ADB and Singapore will also cooperate in promoting the use of new technologies and innovative processes in areas such as developing livable cities, addressing climate change, and using financial technology to improve financial market efficiency.

The parties will also strengthen their collaboration on digital innovation to include areas such as startup support, deep technology, and the use of enhanced digital technologies for 21st century skills.

“Through this MOU, ADB and Singapore will continue to cooperate to support private sector development projects that contribute to the region’s infrastructure, financial, and social needs, and help countries achieve their Sustainable Development Goal commitments,” said Asakawa.

Wong said the closer partnership would enable both parties "to focus on new and innovative approaches to challenges like climate change and energy transitions".

ADB’s Singapore office will play a central role in expanding cooperation under this MOU, assisting in engaging with knowledge partners, project sponsors, contractors, advisors, financiers, and other international financial institutions in Singapore.

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On the same day, Wong spoke at the G20 Ministerial Tax Symposium on the role of tax policies in promoting "competitive economy, an inclusive society and a transition to a more sustainable future", as he said on Twitter that evening.

In a separate Twitter post about a meeting with India's Finance Minister Nirmala Sitharaman, Wong noted that they had discussed opportunities for cooperation in economy and finance, as well as ways to strengthen multilateral institutions to better address issues such as climate change and pandemic response.