Currently, a third of the UK's exports to Singapore are digitally delivered, particularly in services sectors such as finance and advertising, and in engineering.
The Fintech Bridge builds on an agreement signed in 2016 – which will remove barriers to fintech trade by opening new regular talks between regulators and businesses, in addition to previous areas of cooperation
This will increase the cooperation and sharing of information on emerging trends in the fintech sector. It will also break down barriers to trade for UK and Singaporean fintechs, boosting growth and investment opportunities.
The existing Regulatory Cooperation Agreement signed in 2016 has enabled the UK and Singaporean fintech sectors to closely align at a regulatory level. The commitment in Nov 2022 goes further in a number of areas, making clear the business support available to firms, highlight opportunities in each other’s markets and creating a clear link between challenges firms face and policy discussions.
Dialogue Partner status puts the UK at the heart of the Indo-Pacific. The UK will work with ASEAN and its members on key shared challenges such as maritime security and transnational crime, boost our economies through trade, and strengthen our cooperation on issues such COVID-19 and climate change.
Watch our recent webinar below with the UK Ambassador to ASEAN to understand more about this status.