The HM Treasury has announced a new ‘fintech bridge’ which will help UK start-ups establish themselves in the Asian market.
The Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS) have signed a regulatory agreement that will allow regulators to refer fintech companies to their counterparts in Europe and Asia respectively. The mutually beneficial partnership arrangement will give the UK and Singapore larger potential to crack the overseas market.
“This is a great opportunity for the fintech industry in both the UK and Singapore and builds upon the deepened financial and economic cooperation between the two countries,” said economic secretary to the Treasury, Harriet Baldwin.
“Forging this bridge with Singapore is the next step on our journey to ensure that the UK and Singapore both remain outstanding Fintech centres.”