Singapore and UK refresh financial ties

They will set up a supervisory tech alliance for potential collaboration.

The United Kingdom (UK) and Singapore exchanged views on financial market developments and regulatory initiatives to strengthen accountability and standards of conduct in the financial sector for the fourth UK-Singapore Financial Dialogue.

According to an announcement, discussions committed to further cooperation in several areas of joint interest. Firstly, the UK and Singapore will ensure market access to each other as both expressed interest in exploring closer cooperation in areas such as asset management, insurance, and payments.

The two financial centres will also strengthen cybersecurity collaboration through joint workshops on cybersecurity strategy, governance, risk assessment, monitoring and response.

UK and Singapore also agreed to work towards raising the profile of the UK-Singapore FinTech Bridge and measures that will support fintech firms looking to operate across both markets. They also agreed to set up a Supervisory Tech Alliance to encourage collaboration on areas of potential cross-jurisdictional regulatory efficiency.

The next Financial Dialogue is expected to take place in Singapore in 2019.