The UK and Singapore Reaffirm their Partnership in Fintech Innovation

The UK and Singapore have reaffirmed their commitment to partner in certain areas when it comes to Fintech innovation. Both countries are viewed as two of the top Fintech hubs in the world.

Sustainable finance was on the list with a statement on the need to transition to economies of “net zero.”

  • Transition Finance: The UK and Singapore agreed that globally comparable and transparent transition plans that include credible forward-looking information can help reduce fragmentation, scale transition finance, and support sustainability in finance more generally. Both countries recognised the value of increased cooperation on transition plans to mobilise real economy emission reductions.

The two jurisdictions commented on the goal of working towards international standards. Both the UK and Singapore reaffirmed the need to deepen the understanding of nature and biodiversity loss and its impact on the financial sector.

The two countries also “exchanged views” on crypto – digital assets as well as CBDCs or central bank digital currency.

There was a recognition for more global standards for digital assets. On the topic of CBDCs,  there was a “productive conversation” on their approaches.

Asset tokenization was a topic where Singapore shared its thoughts with the UK agreeing to consider collaboration.

E-wallets were another item of discussion

The Dialogue was chaired by Deputy Managing Director of MAS, Leong Sing Chiong, and Director General of HM Treasury, Gwyneth Nurse. Senior officials from MAS, HMT, BoE, Financial Conduct Authority, the High Commission of the Republic of Singapore in London, and the British High Commission in Singapore were also in attendance.

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