Singapore and U.K. in Fintech Link

Tower Bridge London

Tower Bridge London

The fintech momentum continues apace with news that the U.K. and Singapore have constructed a «fintech bridge» to enable firms and investors from each country to gain access to opportunities in the other.

The Monetary Authority of Singapore (MAS) and the United Kingdom's Financial Conduct Authority (FCA) have inked a regulatory cooperation agreement on sharing and using information on financial services innovation in their respective markets.

The purpose of this Co-operation Agreement is to provide a framework for cooperation and referrals between the Innovation Functions of each Authority. The framework centres on a referral mechanism which will enable the Authorities to refer Innovator Businesses between their respective Innovation Functions.

Sharing Innovation

It also sets out how the Authorities plan to share and use information on innovation in their respective markets.

The FCA launched 'Project Innovate' in October 2014, with the objective of encouraging innovation in financial services in the interests of consumers by supporting innovator businesses with a range of services. This is closely tied to the FCA's objective of promoting effective competition in the interest of consumers. 

In August 2015, MAS formed a Financial Technology & Innovation Group (FTIG) within MAS to drive its Smart Financial Centre initiatives. FTIG is responsible for formulating regulatory policies and developing strategies to facilitate the use of technology and innovation to better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector.

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