A Fintech Cooperation MoU Signed between the UK and Singapore

The UK and Singapore have agreed a new MoU boosting fintech trade and cooperation at their 7th Financial Dialogue in Singapore on November 25.

This will increase the cooperation and sharing of information on emerging trends in the fintech sector. It will also break down barriers to trade for UK and Singaporean fintechs, boosting growth and investment opportunities.

"The UK and Singapore are among the world's leading jurisdictions for fintech investment – and today's announcement will only accelerate growth and innovation in our respective sectors," said Andrew Griffith MP, Economic Secretary to the Treasury. He added, "The MoU we've announced today is crucial – and I would like to thank the Monetary Authority of Singapore for their constructive engagement throughout discussions."

The United Kingdom and Singapore are two of the most dynamic and inventive FinTech markets in the world. The FinTech Bridge will create intriguing new prospects, and greater regulatory alignment will aid in the spread of FinTechs from the United Kingdom and Singapore into each other's markets. Greater collaboration among the government, regulators, and industry will spur innovation and result in better outcomes for customers.

This MoU will also improve engagement and prospects between two of the world's leading financial and associated professional services hubs.

The existing Regulatory Cooperation Agreement, signed in 2016, has allowed the UK and Singaporean fintech sectors to closely align in terms of regulatory alignment. The commitment this time goes further in a number of areas, highlighting opportunities in each other's markets and establishing a clear link between the challenges firms face and policy discussions.

After formalities on both sides are completed, the MoU will go into effect in a week.