The UK and Singapore have agreed a brand new MoU boosting fintech commerce and cooperation at their seventh Monetary Dialogue in Singapore right this moment (25 November).
- The UK and Singapore agree a Memorandum of Understanding (MoU) on the UK-Singapore FinTech Bridge to take away obstacles to fintech commerce and enhance cooperation
- It will deepen engagement between companies, and regulators, including to earlier co-operation
- Coverage makers from each the UK and Singapore will meet repeatedly with the fintech sector to work to take away regulatory obstacles to commerce
The Fintech Bridge builds on an settlement signed in 2016 – which can take away obstacles to fintech commerce by opening new common talks between regulators and companies, along with earlier areas of cooperation
It will improve the cooperation and sharing of data on rising developments within the fintech sector. It is going to additionally break down obstacles to commerce for UK and Singaporean fintechs, boosting progress and funding alternatives.
Andrew Griffith MP, Financial Secretary to the Treasury stated: stated:
The UK and Singapore are among the many world’s main jurisdictions for fintech funding – and right this moment’s announcement will solely speed up progress and innovation in our respective sectors.
The MoU we’ve introduced right this moment is essential – and I wish to thank the Financial Authority of Singapore for his or her constructive engagement all through discussions.
CEO of Innovate Finance, Janine Hirt stated:
Innovate Finance welcomes this announcement. A MoU between UK and Singapore will ship a strengthened framework for very important regulatory and coverage discussions between the 2 nations, 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 FinTech bridge has to supply, and to welcoming FinTech companies to IFGS and UK FinTech Week subsequent 12 months.
Miles Celic, Chief Govt Officer, TheCityUK, stated:
The UK and Singapore are two of the world’s most dynamic and revolutionary FinTech markets. The FinTech Bridge will drive thrilling new alternatives and higher alignment of regulatory approaches will assist with the enlargement of FinTechs from the UK and Singapore into one another’s markets. Higher cooperation between authorities, regulators and business will enhance innovation and drive higher outcomes for purchasers.
This MoU will even additional deepen the engagement and alternatives between two of the premier worldwide monetary and associated skilled providers centres.
The prevailing Regulatory Cooperation Settlement signed in 2016 has enabled the UK and Singaporean fintech sectors to intently align at a regulatory degree. In the present day’s dedication goes additional in a lot of areas, making clear the enterprise help accessible to corporations, spotlight alternatives in one another’s markets and creating a transparent hyperlink between challenges corporations face and coverage discussions.
The MoU will come into impact subsequent week as soon as formalities have been accomplished on either side.