Fintechs get clear paths between UK and Singapore
(12 May 2016 – Singapore) Singapore and the UK will help each others' financial technology firms and investors gain access to their respective markets, both parties have announced.
The partnership will encourage British firms to do business in the Asian market while attracting Singaporean fintech companies and investors to Britain.
Regulatory bodies, Financial Conduct Authority (FCA) and the Monetary Authority of Singapore signed a cooperation agreement that sets out how the regulators plan to share and use information on financial services innovation in their respective markets, a statement said on Wednesday.
British fintechs generated £6.6 billion (A$13 billion) of revenue in 2015 and has a workforce of over 60,000 employees, according to the statement.
Singapore has also demonstrated ambitions to become the “fintech hub” within the Asia-Pacific region, and one of Asia's top locations for the technology startups that aim to compete with incumbent banks and financial service providers.
"(The fintech bridge) will support fintech innovators who wish to use Singapore as a base for collaboration and as a gateway to other markets in Asia," said Jacqueline Loh, deputy managing director of the Singapore regulator MAS.
"The agreement between the MAS and FCA will also create opportunities for Singapore-based companies to grow and scale into the UK market."
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