The two sides said. Singapore and Britain will aid each other fintech firms and stockholders get access to their particular markets. A financial technology bridge amidst the two countries will aid British firms to do business in the Asian market while captivating Singaporean financial technology companies and stockholders to Britain. A statement said Britain’s Financial Conduct Authority or FCA and the Monetary Authority of Singapore or MAS signed a agreement cooperation that lays out how the regulators plan to share and use information on financial services modernization in their particular markets.
A new report by consultancy firm Ernst & Young showed. Britain has turn into global financial technology capital with lots of people working in the industry than in New York, or in the merge of financial technology personnel of Hong Kong Australia and Singapore. According to the statement. British financial technology produced 6.6 billion pounds ($9.53 billion) of income in 2015 and has a labor pool of over 60,000 personnel. Singapore has also offer to place itself as one of Asia’s top locations for the technology startups that target to compete with financial services and traditional banking. Deputy managing director of the Singapore regulator MAS Jacqueline Loh said “The financial technology bridge will support financial technology innovators who wish to use Singapore as a base for collaboration and as a gateway to other markets in Asia,” “The arrangement amidst the Monetary Authority of Singapore and Britain’s Financial Conduct Authority will also produce opportunities for Singapore-based companies to raise and scale into the UK market.”