The UK and Singapore have solid a brand new settlement to deepen cooperation on fintech so as to increase commerce and innovation. At their seventh Monetary Dialogue in Singapore this month, the international locations agreed on mutual priorities together with sustainable finance.
On the Monetary Dialogue, the UK and Singapore agreed on a Memorandum of Understanding (MoU) on the UK-Singapore FinTech Bridge. The Bridge seeks to help continued progress, funding, and technological innovation on this sector, constructing on energetic curiosity of fintech gamers within the areas of funds, regtech and wealth administration.
Each international locations additionally welcomed alternatives the {industry} can ship in relation to monetary inclusion, enhanced innovation, and improved outcomes for shoppers.
Constructing on current ties
The FinTech Bridge MoU builds on:
- a co-operation settlement between Monetary Conduct Authority and Financial Authority of Singapore (MAS) signed on 11 Might 2016
- the June 2021 MOU between Her Majesty’s Treasury and MAS on monetary providers regulatory cooperation
- the Free Commerce Settlement signed by the UK and the Republic of Singapore in December 2020
- the Digital Financial system Settlement signed by each international locations in February 2022
Funding within the UK fintech sector has reached $9.1billion – a 24 per cent year-on-year improve from H1 2021. In the meantime, throughout the identical interval, Singapore ranked as South East Asia’s main jurisdiction for fintech funding, and the sixth globally.
A welcomed announcement
Andrew Griffith MP, Financial Secretary to the Treasury stated: “The UK and Singapore are among the many world’s main jurisdictions for fintech funding. At the moment’s announcement will solely speed up progress and innovation in our respective sectors. The MoU we’ve introduced in the present day is essential. I want to thank the Financial Authority of Singapore for his or her constructive engagement all through discussions.”
Whereas Janine Hirt, CEO of Innovate Finance, commented: “A MoU between UK and Singapore will ship a strengthened framework for very important regulatory and coverage discussions between the 2 international locations, allow innovation throughout monetary providers, and guarantee companies primarily based in each the UK and Singapore have the continued help for his or her ambitions for progress to be realised.
“We sit up for supporting future monetary dialogues and enterprise to enterprise exercise between these markets. We’re additionally delighted to be working with the important thing organisations engaged to advertise the alternatives this bridge has to supply, and to welcoming fintech companies to IFGS and UK FinTech Week subsequent yr.”
Coverage makers from each international locations will meet repeatedly with the fintech sector to work to take away regulatory boundaries to commerce. Two industry-led UK-Singapore enterprise roundtables on sustainable finance and fintech happened on 24 November 2022.
