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The FinTech Bridge builds on an agreement signed in 2016 – which will remove barriers to fintech trade by launching new regular negotiations between regulators and businesses in addition to previous areas of cooperation.
This will enhance collaboration and exchange of information on emerging trends in the fintech sector. It will also break down barriers to trade for UK and Singapore fintechs, boosting growth and investment opportunities.
Andrew Griffith MP, Economic Secretary to the Treasury said:
The UK and Singapore are among the world’s leading jurisdictions for fintech investment – and today’s announcement will only accelerate growth and innovation in our respective sectors.
The MoU we announced today is crucial – and I thank the Monetary Authority of Singapore for their constructive engagement throughout the discussions.
Janine Hurt, CEO of Innovate Finance, said:
Innovate Finance welcomes this announcement. The MoU between the UK and Singapore will provide a strong framework for important regulatory and policy discussions between the two countries, enable innovation across financial services and ensure ongoing support for businesses based in both the UK and Singapore to realize their growth ambitions. .
We look forward to supporting future financial interactions and business-to-business activity between these markets. We are delighted to be working with key organizations involved to promote the opportunities this FinTech Bridge offers and to welcome FinTech businesses to IFGS and UK FinTech Week next year.
Miles Sellick, Chief Executive Officer, TheCityUK, said:
The UK and Singapore are two of the most dynamic and innovative fintech markets in the world. The fintech bridge will lead to exciting new opportunities and further alignment of regulatory approaches will help the expansion of fintech from the UK and Singapore into each other’s markets. Greater cooperation between government, regulators and industry will drive innovation and deliver better outcomes for consumers.
This MoU will deepen the linkages and opportunities between the two premier international financial and related professional service centers.
An existing regulatory cooperation agreement signed in 2016 has enabled the UK and Singapore fintech sectors to be closely aligned at a regulatory level. Today’s commitment moves forward in a number of areas, clarifying the business support available to companies, highlighting opportunities in each other’s markets and creating a clear link between the challenges facing companies and policy debates.
The MoU will come into effect next week after the formalities on both sides are completed.
More information
- Link to Joint Statement: UK and Singapore deepen cooperation in fintech and strengthen financial cooperation – GOV.UK (www.gov.uk)
- As highlighted in Innovate Finance’s 2022 Summer Investment Report, the UK and Singapore are two of the world’s leading jurisdictions for fintech investment.
- For instance, the report notes that total capital invested globally in fintech reached $59 billion in the first half of 2022 – flat year-on-year. However, the UK fintech sector continues to grow with investment reaching $9.1 billion – a 24% year-on-year increase from H1 2021, and more than the rest of Europe combined.
- During the same period, Singapore was ranked as Southeast Asia’s leading jurisdiction for fintech investment and sixth globally.
- In Europe, $17.6 billion was invested in European fintech across 708 deals, up 10% from the same period in 2021.
However, this increase has been driven by positive growth in investment in UK fintech. Excluding the UK, the rest of Europe was actually down 2% compared to the same period in 2021.
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