UK and Singapore Agree to “Deepen Cooperation” in Fintech

    UK and Singapore Agree to “Deepen Cooperation” in Fintech

    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.

    Exciting news:

    UK & Singapore have agreed 🤝 to establish an enhanced Fintech ‘bridge’

    This will

    ✅ deepen connectivity between our two leading Fintech markets

    ✅ provide more opportunities for firms to grow

    ✅ accelerate innovation within the sectorhttps://t.co/DVGSOnQhag

    — Andrew Griffith MP 🇬🇧 🇺🇦 (@griffitha) November 25, 2022

    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.

    Exciting news:

    UK & Singapore have agreed 🤝 to establish an enhanced Fintech ‘bridge’

    This will

    ✅ deepen connectivity between our two leading Fintech markets

    ✅ provide more opportunities for firms to grow

    ✅ accelerate innovation within the sectorhttps://t.co/DVGSOnQhag

    — Andrew Griffith MP 🇬🇧 🇺🇦 (@griffitha) November 25, 2022

    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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