Singapore forms first ever “FinTech Bridge” with the UK
This week, the two countries financial regulators of the Monetary Authority of Singapore (MAS) and Financial Conduct Authority (FCA) came together and launched the UK’s first ever “FinTech Bridge”, with a goal to allow bilateral referrals of FinTech firms to their counterparts across the globe.
For Singapore, this reinforces the government’s commitment to build a Smart Nation and to become a future-ready economy, and goes hand in hand with the recent moves from the government in support of local technology scene, such as its tie-up with local banks with the Venture Debt Programme.
For the UK, it helps ensure it remains at a leading position as a global FinTech Capital of the World, which generated over 6.6bn GBP revenue last year with a workforce exceeding 60,000 employees.
As a global leader in FinTech, the “bridge” is expected to help bring Singapore firms with innovative ideas to the UK, and benefit British firms that wish to tap on Singapore’s vibrant ecosystem as a gateway to Asia.
Despite its small land mass, Singapore boasts the world’s biggest startups, according to a recent study from USC Marshall School of Business. On a country's ability in generating billion-dollar companies, the US tops the list with a 65% share, followed by China (14%), India (4%), United Kingdom (3%), and Singapore (2%).
Most recently, megabanks including Citigroup has beefed up their innovation efforts in a bid to get more future-ready, before new entrants take away shares from their traditional cash cows. With disruption coming from different facets of the business and the fintech revolution expected to wipe out nearly 1/3 of all employees at traditional banks over the next decade, it is high time traditional business owners give some hard thoughts to the way the carry out their business, and start innovating.
For more information and the full announcement from the Monetary Authority of Singapore (MAS), please see the weblink here.
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