UK and Singapore agree to cooperate on fintech

THE UK and Singapore have agreed to work more closely together to promote fintech innovation.

Innovate Finance, the trade body for the UK’s fintech industry, has signed a Memorandum of Understanding (MoU) with the Singapore Fintech Association (SFA), which supports fintech in the city state.

The MoU aims to benefit each country’s sectors by fostering closer ties on industry initiatives, including events, joint programmes and research.

“This agreement is representative of Innovate Finance’s continued support for both business and regulatory alignment between international fintech hubs,” said Natalie Ceeney, chair of Innovate Finance.

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“We have previously supported the UK government and the Financial Conduct Authority in their work to provide channels to working collaboratively overseas.

“We intend to work in partnership with the Singapore Fintech Association to ensure a mutually beneficial and competitive environment for fintech firms to succeed.”

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“We are delighted, with the signing of this MoU, to formally connect the UK and Singapore fintech community,” said Hock Lai Chia, president of the SFA.

“The SFA looks forward to exploring ecosystem partnerships with our British colleagues, and to strengthening the fintech bridge of the two leading fintech hubs of the world.”

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