The UK and Singapore have agreed to a new MoU boosting FinTech trade and cooperation at the 7th Financial Dialogue in Singapore hosted on 25 November.

The Fintech Bridge expands on a 2016 agreement that will lower barriers to FinTech trade by initiating new, routine discussions between businesses and regulators in addition to previous areas of cooperation. This will boost collaboration and information sharing about new developments in the FinTech industry. For the UK and Singaporean FinTechs, it will also lower trade barriers, enhancing growth and investment opportunities.

“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.”

                                                 Andrew Griffith MP, Economic Secretary to the Treasury.

“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.”

                                                                                     CEO of Innovate Finance, Janine Hirt.

“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.”

                                                                Miles Celic, Chief Executive Officer, TheCityUK.

The UK and Singaporean fintech industries are now closely aligned on a regulatory level thanks to the Regulatory Cooperation Agreement that was signed in 2016. The most recent commitment goes further in a number of ways, highlighting opportunities in each other’s markets, outlining the business support available to firms, and establishing a direct connection between the issues facing firms and policy discussions.