The United Kingdom (UK) and Singapore held the 4th UK-Singapore Financial Dialogue in London yesterday. The two sides exchanged views on financial market developments and regulatory initiatives to strengthen accountability and standards of conduct in the financial sector. They also discussed the impact of new technology on the financial sector, including developments in FinTech, SupTech, cybersecurity and crypto-assets.
The Dialogue was chaired by Ms. Katharine Braddick, Director General (Financial Services) of HM Treasury, and Ms. Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore (MAS), and attended by officials from the MAS, HM Treasury, the Financial Conduct Authority (FCA), and the Bank of England.
The Dialogue discussions committed to further co-operation in several areas of joint interest:
a. Ensuring market access – Discussions centred on facilitating ongoing activity between the two financial centres and the implications of the UK’s exit from the European Union on cross border financial regulation. Both countries also expressed interest in exploring closer co-operation in areas such as asset management, insurance and payments.
b. Strengthening cybersecurity collaboration – Joint workshops will be conducted to exchange knowledge in areas such as cybersecurity strategy, governance, risk assessment, monitoring and response.
c. Building on the existing UK-Singapore FinTech Bridge in response to feedback from FinTech firms in both countries – Both sides agreed to work towards raising the profile of the Bridge and measures that will support FinTech firms looking to operate across both markets. They also agreed to set up a Supervisory Tech Alliance to encourage collaboration on areas of potential cross-jurisdictional regulatory efficiency.
The next Financial Dialogue is expected to take place in Singapore in 2019.
Re-disseminated by The Asian Banker