Singapore and UK enhance FinTech Collaboration
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Channel News Asia
The United Kingdom (UK) and Singapore have established the first FinTech Bridge with the signing of a Regulatory Cooperation Agreement between UK’s Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS). The launch coincided with the second UK-Singapore Financial Dialogue which was held in London on 11 May 2016.
According to a joint news release by MAS, FCA and UK’s HM Treasury said the agreement will “enable the regulators to refer FinTech firms to their counterparts across the globe”. It also lays out how regulators plan to share and use information on financial services innovation in their respective markets.
“The FinTech Bridge … will support FinTech innovators who wish to use Singapore as a base for collaboration and as a gateway to other markets in Asia. Singapore’s vibrant FinTech ecosystem is well-positioned to serve the Asian market, the fastest growing region in the world. The agreement … will also create opportunities for Singapore-based companies to grow and scale into the UK market,” said Ms Jacqueline Loh, deputy managing director of MAS.
Added Mr Christopher Woolard, director of Strategy and Competition at FCA: “This co-operation agreement … 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.”
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