The UK and Singapore have agreed a Memorandum of Understanding (MoU) on a UK-Singapore Fintech Bridge. The agreement was reached at the 7th UK-Singapore Financial Dialogue held in Singapore on Friday.
The FinTech Bridge aims to facilitate structured engagement between the Monetary Authority of Singapore (MAS) and the State Treasury to assist in formulating policy actions. The scheme builds on an agreement signed by both parties in 2016 to remove barriers to fintech transactions by initiating new regular consultations between regulators and companies in both countries.
Both countries strongly welcomed this deepened cooperation on fintech and the opportunities the industry can offer in relation to financial inclusion, enhanced innovation and improved consumer outcomes, the finance ministry explained. statement release on friday.
Exciting news:
UK and Singapore agree to establish enhanced fintech ‘bridge’
this will
Deepen the connection between the two major fintech markets
Provide more opportunities for companies to grow
Accelerate innovation within the sectorhttps://t.co/DVGSOnQhag
Andrew Griffith MP (@griffitha) November 25, 2022
Furthermore, the statement noted that the two countries have renewed their commitment to the UK-Singapore financial partnership agreed in 2021. We also discussed sustainable finance, implementation of the International Sustainability Standards Board (ISSB) Disclosure Standards, and mutual benefits in our efforts. To combat greenwashing.
Furthermore, they strongly agreed on the importance of supporting the secure development of the digital asset ecosystem while ensuring that the risks posed by digital assets are managed consistently.
The UK and Singapore are the worlds leading jurisdictions for fintech investment and todays announcements will only accelerate growth and innovation in their respective sectors, said Treasury Secretary Andrew Griffiths.
The MoU we announced today is very important.
top fintech hub
According to Innovate Finance Summer 2022 Investment Report, fintech companies around the world have attracted a total capital of $59 billion in the first half of 2022. Compared to the same period last year, the report notes that the numbers have flattened out.
Furthermore, Europe saw a 10% increase in capital during the period, with the figure reaching $17.6 billion, according to the report, which represents a 24% year-on-year (YoY) increase in UK fintech investment in the six months. Because it reached $9.1 billion. Excluding the UK, fintech investment in Europe fell by -2% over the period, the report notes.
The report also positions Singapore as the leading investment destination in Southeast Asia, despite being ranked sixth in the world.
The UK and Singapore have agreed a Memorandum of Understanding (MoU) on a UK-Singapore Fintech Bridge. The agreement was reached at the 7th UK-Singapore Financial Dialogue held in Singapore on Friday.
The FinTech Bridge aims to facilitate structured engagement between the Monetary Authority of Singapore (MAS) and the State Treasury to assist in formulating policy actions. The scheme builds on an agreement signed by both parties in 2016 to remove barriers to fintech transactions by initiating new regular consultations between regulators and companies in both countries.
Both countries strongly welcomed this deepened cooperation on fintech and the opportunities the industry can offer in relation to financial inclusion, enhanced innovation and improved consumer outcomes, the finance ministry explained. statement release on friday.
Exciting news:
UK and Singapore agree to establish enhanced fintech ‘bridge’
this will
Deepen the connection between the two major fintech markets
Provide more opportunities for companies to grow
Accelerate innovation within the sectorhttps://t.co/DVGSOnQhag
Andrew Griffith MP (@griffitha) November 25, 2022
Furthermore, the statement noted that the two countries have renewed their commitment to the UK-Singapore financial partnership agreed in 2021. We also discussed sustainable finance, implementation of the International Sustainability Standards Board (ISSB) Disclosure Standards, and mutual benefits in our efforts. To combat greenwashing.
Furthermore, they strongly agreed on the importance of supporting the secure development of the digital asset ecosystem while ensuring that the risks posed by digital assets are managed consistently.
The UK and Singapore are the worlds leading jurisdictions for fintech investment and todays announcements will only accelerate growth and innovation in their respective sectors, said Treasury Secretary Andrew Griffiths.
The MoU we announced today is very important.
top fintech hub
According to Innovate Finance Summer 2022 Investment Report, fintech companies around the world have attracted a total capital of $59 billion in the first half of 2022. Compared to the same period last year, the report notes that the numbers have flattened out.
Furthermore, Europe saw a 10% increase in capital during the period, with the figure reaching $17.6 billion, according to the report, which represents a 24% year-on-year (YoY) increase in UK fintech investment in the six months. Because it reached $9.1 billion. Excluding the UK, fintech investment in Europe fell by -2% over the period, the report notes.
The report also positions Singapore as the leading investment destination in Southeast Asia, despite being ranked sixth in the world.