Singapore and UK to Cooperate on Financial Technology Projects
Posted: 2016-06-11
In the last period, Singapore has started to enhance its economic relations with some of its most important trading partners in order to help local companies to become more visible at international level. One of its latest agreements is with the United Kingdom with which Singapore wants to collaborate in the financial technology sector. Our law firm in Singapore can provide you with more information on other treaties between the city-state and the UK.
Singapore’s agreement with the United Kingdom
Singapore has established itself as a regional leader in the financial technology industry in the last few years, however, the city-state now has the infrastructure to expand its cooperation with other countries across the world. Europe seems the best option when it comes to the financial technology sector and the United Kingdom, one of the most performant economies in the EU, is in need of advanced high-tech programs and devices for companies activating in the financial industry. This has led to a convention between the two states: the Regulatory Cooperation Agreement which was signed by the UK’s Financial Conduct Authority and the Singapore Monetary Authority. The representatives of the two states have agreed to create a common regulatory environment for financial companies in Singapore and the UK which will be implemented in all countries where the two states cooperate in this industry. Moreover, the companies will also be able use and share information on this topic on the markets they activate on.
The FinTech Bridge between Singapore and the UK
The FinTech Bridge is the project the two states have agreed to cooperate on and under which UK companies developing innovatory technologies for the financial industry can use Singapore as their base and for accessing other Asian markets. Singapore companies will also be able to use the UK in order to release their products under the FinTech Bridge project.
The program is dedicated to innovative companies in both countries, but most of all will help UK companies to access other industries in Singapore, especially for customer support services which are cheaper and more efficient in the city-state.
If you are interested in setting up a financial company in Singapore and need assistance, please feel free to contact our Singapore lawyers.