The UK and Singapore have extended the UK-Singapore Financial Partnership to improve cooperation between their respective fintech sectors.
Topics discussed between HM Treasury and The Monetary Authority of Singapore included greenwashing, crypto assets, e-wallets and digital banking. It builds on the Fintech Bridge that began in 2016.
Janine Hirt, CEO of industry body Innovate Finance, said: “A [memorum of understanding] between the UK and Singapore will deliver a strengthened framework for vital regulatory and policy discussions between the two countries, enable innovation across financial services, and ensure businesses based in both the UK and Singapore have the ongoing support for their ambitions for growth to be realised.”
Both countries agreed that regulation is required on ESG ratings and data product providers. Crypto assets were also discussed as an area that needs “safe development”.
“This MoU will also further deepen the engagement and opportunities between two of the premier international financial and related professional services centres,” said Miles Celic, CEO of TheCityUK.
The fintech MoU between the UK and Singapore should begin next week.
Singapore and the UK in March signed a digital trade deal to enhance data flow between the countries for financial services.
UK fintech Wise recently expanded its investment service in Singapore, after receiving a Capital Markets Services licence.
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