Climate issues, sustainable finance among focus areas in Vice President Wong’s G-20 discussions

In the crypto arena, Mr Wong said Singapore welcomes the Financial Stability Board’s recent statement on the international regulation and supervision of crypto asset activities.

The Board is an international body that monitors and makes recommendations on the global financial system.

“We need a globally coordinated approach to tackle the associated risks – while enabling innovation to take place safely and responsibly,” he added.

On taxation, Mr Wong said Singapore will continue to support work towards a two-pillar solution that achieves international consensus, promotes innovation and growth, and delivers fair and consistent results for all jurisdictions.

The two-pillar solution of the Organization for Economic Cooperation and Development solves the tax challenges arising from the digitalization of the economy.

The proposed solution includes the introduction of a global minimum effective corporate tax rate of at least 15 percent for large multinational companies.

Mr Wong said: “The private sector also plays a key role in infrastructure, including sustainable infrastructure investment.

“We can fill funding gaps through innovative approaches and partnerships with multilateral development banks, private and philanthropic sources.”

He added: “Despite the challenges in our global environment, there are still bright spots to work together as we work towards a brighter future for all.”

He said he had spent the past few days talking with colleagues about ways to build bridges and navigate global uncertainty.

Mr. Wong also thanked Indonesian Finance Minister Sri Mulyana Indrawati and Bank Indonesia Governor Perry Warjiyo for organizing the meeting.

“Singapore and Indonesia share strong and substantive cooperation in many domains, underpinned by close people-to-people ties,” he said, adding that Singapore will continue to work closely with Indonesia to realize its G-20 vision of a world that recovers and becomes stronger together. .

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