UK and Singapore to collaborate more on fintech
The UK and Singapore are set to deepen their collaboration on fintech, the Treasury said today.
At the 7th UK-Singapore Financial Dialogue in Singapore, both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021.
The Treasury said they discussed mutual priorities such as sustainable finance, fintech and innovation, and agreed on further cooperation in these areas.
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The two countries also agreed on a memorandum of understanding on the UK-Singapore Fintech Bridge, which seeks to support continued growth, investment and innovation in this sector.
“Both countries strongly welcomed this deepened co-operation on fintech and the opportunities the industry can deliver in relation to financial inclusion, enhanced innovation, and improved outcomes for consumers,” the Treasury announcement said.
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Priority areas for further co-operation include crypto-assets, e-wallets and digital banking.
An industry-led UK-Singapore business roundtable on fintech took place yesterday, which discussed the opportunities and challenges faced by fintech firms, and how these firms could better access overseas markets, including by partnering with financial institutions.
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Other topics discussed at the Financial Dialogue included sustainable finance, greenwashing, and natural capital and biodiversity.