UK and Singapore sign FinTech Bridge MoU

Singapore. On the seventh annual UK-Singapore Financial Dialogue held in Singapore last 25 November, UK and Singapore renewed their commitment to deepen their financial partnership, with an initial agreement in 2021. Moreover, the two countries discussed and agreed to further cooperate in sustainable finance, FinTech, and innovation.

At the Financial Dialogue, UK and Singapore agreed on a Memorandum of Understanding on the UK-Singapore FinTech Bridge to foster the industry’s continued growth, investment, and technological innovation.

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FinTech Bridge aims to increase the active involvement of FinTech players in the fields of payments, regulatory technology, and wealth management.

Both nations openly embraced this increased FinTech cooperation and the opportunities it presents for more financial inclusion, increased innovation, and improved outcomes for customers.

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Earlier this year, the United Kingdom and Singapore signed a digital economy agreement (DEA) recognising the importance of the free flow of data between their two countries. They noted the significance of this agreement in underpinning the development of respective FinTech sectors and supporting future digital and innovation partnerships.

Sustainable finance, FinTech, and innovation were discussed as areas of common interest between the UK and Singapore.

The two countries settled on a road map for engagements in sustainable finance, FinTech and innovation, and other areas of mutual interest leading to the next year’s dialogue in London.

The United Kingdom and Singapore exchanged their most recent assessments of economic and market developments, including the effects of Russia’s invasion of Ukraine on the world economy. The continued sharing of information, including regarding financial sanctions, was deemed beneficial by both nations.

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