The UK Government has announced a new “FinTech Bridge” to help UK FinTech firms and investors access the Asian market and expand to Singapore, as well as attracting Singaporean FinTech companies and investors to the UK.
The launch on 11 May 2016 included the signing of a regulatory cooperation agreement between the Financial Conduct Authority (“FCA”) and the Monetary Authority of Singapore (“MAS”). The agreement will enable the regulators to refer FinTech firms to their counterparts across the globe. It also sets out how the regulators plan to share and use information on financial services innovation in their respective markets.
It reflects the shared view that FinTech presents an opportunity to scale the use of technology to improve financial services, across two major global financial hubs. Christopher Woolard, Director of Strategy and Competition at the FCA, said: “This [co-operation agreement] will help innovative firms from Singapore that want to bring new ideas to the UK, helping the FCA fulfil our objective of promoting competition in the interests of consumers. At the same time, this agreement will give those British firms with new ideas who want to expand into Singapore support, making them potentially more sustainable challengers in the UK.” Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, said: “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. Singapore’s vibrant FinTech ecosystem is well-positioned to serve the Asian market, the fastest growing region in the world. The agreement between the Monetary Authority of Singapore and the Financial Conduct Authority will also create opportunities for Singapore-based companies to grow and scale into the UK market.”