New FinTech Bridge between UK and Singapore
New FinTech bridge between UK FinTech firms and Singaporean FinTech companies
Singaporean officials and FinTech companies gathered with UK FinTech companies on 11th May 2016 to celebrate the launch of the UK’s first ever FinTech Bridge, which included the signing of a regulatory cooperation agreement between the Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS).
The major milestone for both UK and Singapore, reflects the shared view that FinTech presents an opportunity to scale the use of technology to improve financial services in these two financial hubs, in a move to help innovative firms from Singapore that want to bring new ideas to the UK and vice versa.
The agreement will enable the regulators to refer FinTech firms to their counterparts across the globe. It also sets out how the regulators plan to share and use information on financial services innovation in their respective markets.
It supports FinTech innovators who wish to use Singapore as a base for collaboration and as a gateway to other markets in Asia, and also gives support to British firms with new ideas who want to expand into Singapore, making them potentially more sustainable challengers in the UK.
The collaboration between the two governments are in line with their own commitment to ensure the UK remains the global FinTech capital of the world, and Singapore to build a Smart Financial Centre.
What this may mean for Singapore FinTech firms?
While the move facilitates deeper financial and economic cooperation between the two countries, we feel that UK, being more mature in FinTech regulations, may be able to exchange ideas with our Singapore regulators on FinTech regulations, leading to the establishment of regulations and framework that may support Singapore FinTech firms in building a stronger regulatory foundation for future expansion to other economies.
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