The UK and Singapore have come to an agreement on the landmark Financial Partnership for Financial Services.
A historical moment for financial relations has been made; signed by the chancellor, a new partnership between the UK and Singapore regarding financial services will boost jobs and investment in the UK.
- The Chancellor agrees to a new financial partnership between the UK and Singapore.
- Will facilitate closer regulatory cooperation and help boost jobs, trade, and investment.
- The UK and Singapore also commit to strengthening cooperation in areas such as green finance and cybersecurity.
This new agreement that supports financial services will facilitate closer cooperation and allow a greater data pool, thus revealing opportunities to boost investment and trade between the two countries.
This tactic is part of the government’s plan to make sure the UK remains the leading financial centre, marking an important development in the UK’s strategy in pursuing financial global dominance. Now the UK is independent of the EU. This has all been made possible by Rishi Sunak and Singapore’s Senior Minister and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam.
“It helps grow the economy and create jobs.”
After the signing, the Chancellor of the Exchequer, Rishi Sunak, had this to say:
“Our financial services industry helps to grow the economy and create jobs, and today’s agreement is a landmark step in showing the UK, as one of the world’s preeminent financial centres, is both open to the world and committed to maintaining the highest standards of regulation.
Our financial partnership will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration in important areas such as fintech and green finance.”
The partnership is supported by a memorandum of understanding, which aims to reduce frictions for firms serving UK and Singapore markets by showing that each other’s financial services regulatory regimes have similar goals; an additional memorandum of understanding on cyber security was also signed, providing a formal basis for cooperation between the UK and Singapore on the finance sector’s cyber security.