The United Kingdom and Singapore have agreed on a new Memorandum of Understanding (MoU) that aims to boost fintech trade and cooperation.
Signed at their 7th Financial Dialogue in Singapore on 25 November – the UK-Singapore FinTech Bridge – the MoU deepens engagement between businesses, and regulators.
Policymakers from both jurisdictions will meet regularly with the fintech sector to work to remove regulatory barriers to trade and increase the cooperation and sharing of information on emerging trends in the fintech sector.
The new MoU builds on the existing Regulatory Cooperation Agreement signed in 2016 and which enabled the UK and Singaporean fintech sectors to closely align at a regulatory level.
The new commitment expands the scope in a number of areas, including support to firms, opportunities in each other’s markets, and a clear link between challenges firms face and policy discussions.
To boost innovation and drive better outcomes for customers
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’ve announced today is crucial – and I would like to thank the Monetary Authority of Singapore for their constructive engagement throughout discussions.”
Janine Hirt, CEO of Innovate Finance, said: “Innovate Finance welcomes this announcement. A MoU between UK and Singapore will deliver a strengthened framework for vital regulatory and policy discussions between the two countries, enable innovation across financial services, and ensure businesses based in both the UK and Singapore have the ongoing support for their ambitions for growth to be realised.
“We look forward to supporting future financial dialogues and business to business activity between these markets. We are also delighted to be working with the key organisations engaged to promote the opportunities this FinTech bridge has to offer, and to welcoming FinTech businesses to IFGS and UK FinTech Week next year.”
Miles Celic, Chief Executive Officer, TheCityUK, said: “The UK and Singapore are two of the world’s most dynamic and innovative FinTech markets. The FinTech Bridge will drive exciting new opportunities and greater alignment of regulatory approaches will help with the expansion of FinTechs from the UK and Singapore into each other’s markets. Greater cooperation between government, regulators and industry will boost innovation and drive better outcomes for customers. This MoU will also further deepen the engagement and opportunities between two of the premier international financial and related professional services centres.”