Singapore & UK Strike New FinTech Agreement

It is hoped that the new agreement will enable financial technology firms to better interact between the two countries, and that each nation's respective investor base will have improved access to resources.

The breakthrough development has been hailed as a pioneering move, and will formalise an agreement between the Monetary Authority of Singapore (MAS) and the UK's Financial Conduct Authority (FCA). 

At the core of the accord will be an agreement on the interchanging and use of information on financial services innovation within the markets of the two domains. 

Britain has been branding itself as a global leader in FinTech for many years, thanks to the considerable support that the UK government has given to the development of FinTech in London. Last year, the capital reported revenues worth £6.6 billion thanks to a new-age industry giving jobs to more than 60,000 financial workers. 

No less keen to stake its claim as an industry main-player, Singapore has been pulling out all the stops to bill itself as the FinTech hotbed of Asia, over its international neighbour Hong Kong. 

In the Spring of 2016, Singapore created an office specifically for the nurturing of the country's start-ups. The development was part of a plan to develop an innovation hub centre over five years, a project that is rumoured to have cost around S$225 million.

London played host last week to officials from both nations, as the 'bridge' was opened. The UK government has said that the cooperation is indicative of the respective countries' shared ambition and mutual recognition of the potential of a collaborative approach to the use of technology to develop financial services across two key world hubs. 

Christopher Woolard, Director of Strategy and Competition within the FCA commented:

"This will help innovative firms from Singapore that want to bring new ideas to the UK, helping the FCA fulfil our objective of promoting competition in the interests of consumers." 

"At the same time, this agreement will give those British firms with new ideas who want to expand into Singapore support, making them potentially more sustainable challengers in the UK", he added.