Singapore, UK team up to fuel fintech firms' expansion plans

A two-way FinTech Bridge has been established.

The Monetary Authority of Singapore (MAS) has inked a regulatory cooperation agreement with the United Kingdom's Financial Conduct Authority (FCA) to boost the expansion plans of fintech sector in both countries.

The regulators have established a new FinTech Bridge, which will 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.

For the UK, this is in line with the government’s commitment to ensure the UK remains the global FinTech Capital of the world.

For Singapore, the announcement underscores the government’s commitment to build a Smart Financial Centre that is among the best globally for innovation and dynamism.

“The FinTech Bridge that is forged with the UK today is a significant step forward in our FinTech journey. It 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 MAS and FCA will also create opportunities for Singapore-based companies to grow and scale into the UK market,” said Jacqueline Loh, Deputy Managing Director of the MAS.