LONDON—The U.K. and the Monetary Authority of Singapore (MAS) have signed a cross-country memorandum of understanding (MoU) that seeks to deepen collaboration in fintech, and strengthen their financial cooperation.
“The MoU intends to be a regulatory approach to fintech that is seen globally as the model to emulate, by striking the right balance between efficiency and stability, ensuring that innovation is not stifled, while maintaining trust in the financial system,” The Paypers reported, adding the memorandum has been created as a perceived growth opportunity offered by fintechs for both the United Kingdom’s and Singapore’s economies. “It has the potential to improve outcomes for consumers, increase access to finance and financial inclusion, and enhance innovation in financial services.”
The Paypers added in its analysis the parties believe that collaboration between the two parties, financial regulators, and businesses will allow for informed and proactive policy actions, to address emerging issues and support the enhancement of trade and investment flows between their respective markets.
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