Singapore And Sustainable Finance: Successful Models In Policy Implementation And Best Practices, Compare With Indonesia

Singapore stands out among ASEAN countries for its notable accomplishments in sustainable finance. Singapore is the sole ASEAN country featured in the top 15 rankings of the thirteenth edition of the Global Green Finance Index. Therefore This study aims to find the determining factors for Singapore's success in the implementation of sustainable finance. This research uses qualitative methods and literature review approaches. Upon examining the reports and official websites from the Financial Services Authority (OJK) (Indonesia) and the Monetary Authority of Singapore (MAS) (Singapore), it is evident that Singapore has implemented similar initiatives as Indonesia in addressing its three key issues; lack of knowledge and involvement in the financial sector, standardization of green categorization, and support and collaboration for business opportunities. Both countries have implemented national campaigns, published green taxonomies, and fostered public-private partnership to address these issues. In this study, a new finding was revealed in terms of culture financial understanding. Singapore lacks particular rules pertaining to the promotion of financial literacy. However, Singapore boasts a far greater financial literacy rate compared to other ASEAN countries. The high level of financial literacy certainly has positive influences on the implementation of sustainable finance.