Singapore (Commonwealth Union)_ The United Kingdom and Singapore have inked a Memorandum of Understanding to enhance FinTech trade and bilateral collaboration between the two countries. According to the UK Treasury, the MoU will eliminate challenges in FinTech commerce between the two nations. Additionally, it will also strengthen contact between firms and authorities, thereby enhancing the UK and Singapore’s past cooperation.
The Memorandum of Understanding was signed during the 7th Financial Dialogue in Singapore, expanding the Regulatory Cooperation Agreement inked in 2016, which brought the regulatory levels of the two nations closer together. Both countries are major participants in fintech, with the UK investing $9.1 billion in H1 2022 and Singapore being the biggest fintech investment jurisdiction in Southeast Asia. The MOU will be effective next week after completion of all formalities.
Regular meetings will be held between policymakers from the United Kingdom and Singapore and the FinTech industry to eliminate regulatory hurdles to trade. The FinTech Bridge aims to expand the 2016 agreement that will eliminate obstacles to FinTech commerce by holding new frequent dialogues between regulators and enterprises. This will boost cooperation and information exchange regarding developing trends in the FinTech industry. It would also eliminate trade restrictions for British and Singaporean FinTechs, thereby increasing growth and investment potential.
According to Andrew Griffith, UK Economic Secretary to the Treasury, the UK and Singapore are the premier fintech investment destinations in the world, and this decision will only drive development and innovation in the respective industries. “The memorandum of understanding we have announced today is significant, and I would like to thank the Monetary Authority of Singapore for their constructive participation throughout discussions,” he added.
According to Miles Celic, CEO of TheCityUK, the UK and Singapore are two of the most inventive and vibrant FinTech economies in the world. Further, the FinTech Bridge will create exciting new opportunities, and improved regulatory alignment will facilitate the expansion of fintech from the United Kingdom and Singapore into each other’s markets. He also added that greater collaboration between government, regulators, and private sector will boost innovation and drive better outcomes for customers.
