UK and Singapore Agree to “Deepen Cooperation” in Fintech

Time Stamp: November 25, 2022 9:55 AM
Source Node: 1761819

The United Kingdom and Singapore have
agreed on a Memorandum of Understanding (MoU) on the UK-Singapore FinTech
Bridge. The agreement was reached at the 7th UK-Singapore Financial Dialogue
held in Singapore on Friday.

The FinTech Bridge is aimed at promoting a
structured engagement between the Monetary Authority of Singapore (MAS) and the
His Majesty’s Treasury to aid the formulation of policy actions. The scheme builds on an
agreement both parties signed in 2016 to remove barriers to fintech trading by
opening new regular talks between the regulators and businesses in both
countries.

“Both countries strongly welcomed this deepened
cooperation on FinTech and the opportunities the industry can deliver in
relation to financial inclusion, enhanced innovation, and improved outcomes for
consumers,” HM Treasury explained in a statement released on Friday.

Furthermore, the statement noted that both
countries renewed their commitment to the UK-Singapore Financial Partnership
that was agreed upon in 2021. They also discussed their mutual interests in
sustainable finance, implementation of the International Sustainability
Standards Board (ISSB) disclosure standards, and efforts to combat greenwashing.

Additionally, they strongly agreed on the
importance of backing the safe development of a digital assets ecosystem while ensuring that the risks posed by digital assets are consistently
managed.

“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,” noted Andrew
Griffith, Economic Secretary to the Treasury.

“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,” Griffith added.

Top Fintech Hubs

According to Innovate Finance’s 2022 Summer Investment Report, fintech firms across the world attracted a total capital of $59 billion during the first half of 2022. Compared to the same period last year, the figure returned flat, the report noted.

Furthermore, the report says Europe saw a 10% capital
raise during the period with figures reaching $17.6 billion, pushed by the UK whose half-year
fintech investments jumped 24% year-over-year (YoY) to $9.1 billion. If the UK is
excluded, fintech investment in Europe dropped by -2% during the period, the
report noted.

The report also places Singapore as the leading
investment destination in South East Asia, even as the country ranks 6th
globally.

The United Kingdom and Singapore have
agreed on a Memorandum of Understanding (MoU) on the UK-Singapore FinTech
Bridge. The agreement was reached at the 7th UK-Singapore Financial Dialogue
held in Singapore on Friday.

The FinTech Bridge is aimed at promoting a
structured engagement between the Monetary Authority of Singapore (MAS) and the
His Majesty’s Treasury to aid the formulation of policy actions. The scheme builds on an
agreement both parties signed in 2016 to remove barriers to fintech trading by
opening new regular talks between the regulators and businesses in both
countries.

“Both countries strongly welcomed this deepened
cooperation on FinTech and the opportunities the industry can deliver in
relation to financial inclusion, enhanced innovation, and improved outcomes for
consumers,” HM Treasury explained in a statement released on Friday.

Furthermore, the statement noted that both
countries renewed their commitment to the UK-Singapore Financial Partnership
that was agreed upon in 2021. They also discussed their mutual interests in
sustainable finance, implementation of the International Sustainability
Standards Board (ISSB) disclosure standards, and efforts to combat greenwashing.

Additionally, they strongly agreed on the
importance of backing the safe development of a digital assets ecosystem while ensuring that the risks posed by digital assets are consistently
managed.

“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,” noted Andrew
Griffith, Economic Secretary to the Treasury.

“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,” Griffith added.

Top Fintech Hubs

According to Innovate Finance’s 2022 Summer Investment Report, fintech firms across the world attracted a total capital of $59 billion during the first half of 2022. Compared to the same period last year, the figure returned flat, the report noted.

Furthermore, the report says Europe saw a 10% capital
raise during the period with figures reaching $17.6 billion, pushed by the UK whose half-year
fintech investments jumped 24% year-over-year (YoY) to $9.1 billion. If the UK is
excluded, fintech investment in Europe dropped by -2% during the period, the
report noted.

The report also places Singapore as the leading
investment destination in South East Asia, even as the country ranks 6th
globally.

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