HM Treasury has announced a new ‘FinTech Bridge’, which will seek to help UK FinTech startups and investors access the Asian market and expand to Singapore.
As part of the announcement, the Treasury said it would also attempt to attract Singaporean FinTech companies and investors to the UK.
At a celebratory event, held yesterday in Downing Street, the Financial Conduct Authority (FCA) and Monetary Authority of Singapore (MAS) signed a regulatory cooperation agreement.
According to the statement, the agreement will allow regulators to refer FinTech firms to their counterparts across the globe. The agreement was also put in place to establish how regulators would plan to share and use information on financial services innovation in their respective markets.
Harriet Baldwin, the Economic Secretary to the Treasury, said: “I am delighted to announce that we are launching the first “FinTech Bridge” with Singapore today.
“This is a great opportunity for the FinTech industry in both the UK and Singapore – and builds upon the deepened financial and economic cooperation between the two countries. Forging this bridge with Singapore is the next step on our journey to ensure that the UK and Singapore both remain outstanding FinTech centres,” added Baldwin.