UK and Singapore strengthen fintech ties

The UK and Singapore have agreed to deepen their collaboration in the fintech sector and strengthen their financial cooperation, signing a Memorandum of Understanding (MoU) to create a “Fintech Bridge” to remove regulatory barriers to fintech trade between the two nations.

UK and Singapore strengthen fintech partnership

The MoU was signed at the 7th Financial Dialogue in Singapore, building on the Regulatory Cooperation Agreement signed in 2016 which aligned the two countries closely at the regulatory level.

The MoU will serve to maintain regular dialogue between the two countries’ regulators and businesses, boosting growth and investment opportunities within their respective fintech sectors.

Sustainable finance and the move to net zero, digital banking and e-wallets, innovation, payments, regtech, greenwashing, crypto and digital assets, and wealth management will all be a particular focus as both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021.

Both nations are key players in fintech, with total capital invested in H1 2022 standing at $9.1 billion for the UK and Singapore ranked as Southeast Asia’s leading jurisdiction for fintech investment.

The UK-Singapore Digital Economy Agreement (DEA) signed earlier this year, and its core principle of the free flow of data, is indicative of the strength and mutual importance of fintech to each country.

Andrew Griffith MP, economic secretary to the Treasury, says the MoU is “crucial”, adding the announcement “will only accelerate growth and innovation in our respective sectors”.