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UK and Singapore fintech tie-up will benefit firms in both countries, say experts

Singapore - New fintech bridge between the UK and Singapore - SantanderCB

A new 'fintech bridge' between the UK and Singapore was announced at a meeting of officials and industry representatives from both countries in London last week.

The deal will involve the sharing and use of information on 'financial services innovation' by the UK's Financial Conduct Authority (FCA) and Singapore's Monetary Authority (MAS), a statement issued by the Singapore regulator said:

As part of the deal, the FCA and MAS have also put in place a 'regulatory cooperation agreement'.

The agreement is designed to help companies win authorisation for new financial technology products, services and business models in both jurisdictions.

Closer links between the UK and Singapore on fintech developments will help ensure that both countries 'remain outstanding fintech centres', the UK's economic secretary to the Treasury Harriet Baldwin said.

 

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