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The UK and Singapore have forged a new agreement to deepen cooperation on fintech to boost trade and innovation. On his seventh At the Financial Dialogue in Singapore this month, countries agreed on mutual priorities, including sustainable finance.
In the Financial Dialogue, the UK and Singapore agreed on a Memorandum of Understanding (MoU). The UK-Singapore FinTech Bridge. Bridge seeks to support continued growth, investment and technological innovation in the sector, building on the active interest of fintech players in the fields of payments, regtech and wealth management.
Both countries also welcomed the opportunities the industry can provide in relation to financial inclusion, enhanced innovation and improved outcomes for consumers.
Building on existing relationships
The FinTech Bridge MoU builds on:
- A cooperation agreement between Financial Conduct Authority And Monetary Authority of Singapore (MAS) Signed on 11 May 2016
- June 2021 MOU between Her Majesty’s Treasury and MAS on Financial Services Regulatory Cooperation
- Free Trade Agreement signed by the UK and the Republic of Singapore in December 2020
- A Digital Economy Agreement was signed by the two countries in February 2022
Investment in the UK fintech sector has reached $9.1 billion – a 24 per cent year-on-year increase from H1 2021. Meanwhile, during the same period, Singapore ranked as Southeast Asia’s leading jurisdiction for fintech investment and sixth globally.
A welcome announcement
Andrew Griffith MP, Economic Secretary to the Treasury, said: “The UK and Singapore are among the world’s leading jurisdictions for fintech investment. Today’s announcement will only accelerate growth and innovation in our respective sectors. The MoU we announced today is decisive. I would like to thank the Monetary Authority of Singapore for their constructive engagement throughout the discussions.”
when Janine HirtCEO of Innovate FinanceCommented: “The MoU between the UK and Singapore will provide a robust framework for important regulatory and policy discussions between the two countries, enable innovation in financial services and ensure ongoing support for businesses based in both the UK and Singapore to achieve their ambitions to grow.”
“We look forward to supporting future financial interactions and business-to-business activity between these markets. We are delighted to work with key organizations involved in promoting the opportunities this bridge offers and welcoming fintech businesses. IFGS And UK FinTech Week next year.”
Policymakers from both countries will meet regularly with the fintech sector to work on removing regulatory barriers to trade. Two industry-led UK-Singapore business roundtables on sustainable finance and fintech took place on 24 November 2022.
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