S'pore-UK 'FinTech Bridge' launched

Initiatives by the Monetary Authority of Singapore (MAS) to bolster the local financial technology - or fintech - sector have reached Britain.

Singaporean officials and fintech firms gathered with their British counterparts in Downing Street yesterday for the launch of a "FinTech Bridge" between the Britain and Singapore. The "Bridge" is a show of commitment from the two financial hubs to develop their respective fintech sectors.

The MAS has also signed an agreement with the UK's Financial Conduct Authority (FCA) that enables the two regulators to refer fintech firms in their home countries to their counterparts across the globe.

The agreement also sets out how the two regulators plan to share and use information on financial services innovation in their respective markets.

Mr Christopher Woolard, director of strategy and competition at the FCA, said: "This 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."

Ms Jacqueline Loh, deputy managing director of the MAS, 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."

The British government has committed to ensuring that the country remains the "global fintech capital" of the world.

Last year, the British fintech sector generated £6.6 billion (S$13 billion) in revenues and employed over 60,000 people.

A version of this article appeared in the print edition of The Straits Times on May 12, 2016, with the headline 'S'pore-UK 'FinTech Bridge' launched'. Subscribe