UK and Singapore to Launch New Financial Partnership

The UK and Singapore has announced the launch of a new Financial Partnership at the sixth UK-Singapore Financial Dialogue held virtually on 30 June 2021.

According to the official announcement, the new Partnership is supported by a new Memorandum of Understanding (MoU) signed by the Chancellor of the Exchequer, Mr Rishi Sunak together with Senior Minister and Chairman of the MAS, Mr Tharman Shanmugaratnam. It demonstrates the joint commitment by the UK and Singapore to build a more comprehensive and enhanced relationship in financial services and strengthen regulatory cooperation between the two countries.   

Under the Partnership, the UK and Singapore will explore opportunities for greater financial cooperation, including enhanced information sharing, closer cooperation in international fora, as well as regulatory deference, to drive new and broader opportunities for financial services trade and cooperation. 

The two countries also announced an MoU to enhance bilateral cyber security cooperation, including the sharing of cyber-related information and supervisory best practices. The MoU was signed by UK Economic Secretary to the Treasury, Mr John Glen; Chief Executive of the Financial Conduct Authority (FCA), Mr Nikhil Rathi; Deputy Governor of the Bank of England (BoE) and Chief Executive of the Prudential Regulation Authority (PRA), Mr Sam Woods; and Managing Director of the MAS, Mr Ravi Menon.

The Financial Dialogue discussed and agreed on areas of regulatory cooperation, green finance and carbon markets, finTech and stablecoins regulation.

MAS Chairman Tharman Shanmugaratnam said, “The enhanced financial partnership between the UK and Singapore is important and timely. The strengthening of regulatory cooperation between our two countries comes at a time when financial services are undergoing accelerated transformation through technology, and will provide a framework for the growth of new activities in both our markets.”

The Chancellor of the Exchequer, Rishi Sunak said, “Our financial services industry helps to grow the economy and create jobs, and today’s agreement is a landmark step in showing the UK - as one of the world’s preeminent financial centres - is both open to the world and committed to maintaining the highest standards of regulation. Our financial partnership will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration on important areas such as FinTech and green finance.”