The UK and Singapore have signed a Memorandum of Understanding focused on strengthening FinTech trade and cooperation between the two nations.
According to the UK Treasury, the MoU will remove barriers to FinTech trade between the two countries. It will also deepen engagement between businesses, and regulators, adding to previous co-operation between the UK and Singapore.
Policy makers from both the UK and Singapore will meet regularly with the FinTech sector to work to remove regulatory barriers to trade. The FinTech Bridge builds on an agreement signed in 2016, which will remove barriers to FinTech trade by opening new regular talks between regulators and businesses.
This will increase the cooperation and sharing of information on emerging trends in the FinTech sector. It will also break down barriers to trade for UK and Singaporean FinTechs, boosting growth and investment opportunities.
UK Economic Secretary to the Treasury Andrew Griffith 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.”
TheCityUK CEO Miles Celic added, “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.”
The MoU will come into effect next week once formalities have been completed on both sides.
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