Singapore’s Asia-focused blended finance initiative, the Financing Asia’s Transition Partnership (Fast-P), will soon set up an office, staffed by a “dedicated management team”, to facilitate the deployment of up to US$500 million of concessional capital from the Singapore government, says Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS).
The Singapore government launched Fast-P at the COP28 climate conference in Dubai in December 2023, with an aim to raise up to US$5 billion to support Asia’s decarbonisation and climate resilience.
“The office will continue to work closely with asset managers, banks, and commercial and concessional investors to promote innovative blended finance solutions for sustainable infrastructure in the region,” says Chia in his opening address at the FAST Conference 2025 on May 7, held in conjunction with Ecosperity Week 2025.
Within the Fast-P platform, the Green Investment Partnership (GIP), managed by Pentagreen Capital, will be ready to commence deployment in the coming months, says Chia, who took over from former MAS managing director Ravi Menon on Jan 1, 2024.
GIP will mobilise capital for marginally-bankable clean energy infrastructure in Asia, says Chia.
In November 2024, Pentagreen Capital announced that GIP is seeking to deploy US$1 billion for Asia’s sustainable infrastructure. Pentagreen Capital is the sustainable infrastructure debt financing joint venture between HSBC and Temasek.
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In December 2024, the Australian government approved a US$50 million investment into GIP, its first investment under the A$2 billion ($1.75 billion) Southeast Asia Investment Financing Facility (SEAIFF).
GIP is one of three Fast-P partnerships. The other two are the Industrial Transformation infrastructure debt programme (ITP) and the Energy Transition Acceleration Finance (ETAF) partnership.
In November 2024, MAS and BlackRock announced they would spearhead ITP, signing a statement of intent at COP29 with the International Finance Corporation (IFC), Mitsubishi UFJ Financial Group (MUFG), Nippon Export and Investment Insurance (NEXI) and AIA Group.
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Meanwhile, the ETAF will focus on grid infrastructure, battery storage and the early phase-out of coal plants. The Asian Development Bank (ADB) and the Global Energy Alliance for People and Planet (GEAPP) have joined as strategic partners.
At COP29 in November 2024, Singapore’s ambassador for climate action and senior adviser to the National Climate Change Secretariat Ravi Menon says MAS is in discussions with Clifford Capital to manage this pillar.
Read more about the Financing Asia’s Transition Partnership (Fast-P):
- Australia approves US$50 mil investment into Singapore’s Fast-P blended finance initiative (December 2024)
- Temasek-backed Pentagreen to manage Fast-P’s Green Investments partnership, seeking to deploy US$1 bil (November 2024)
- BlackRock, MAS spearhead collaboration on blended finance debt initiative (November 2024)
- Singapore announces Asia-focused blended finance initiative Fast-P with US$5 bil target fund size (December 2023)
