LONDON - Britain and Singapore have signed a deal to try to break down trade barriers in the fintech sector by opening new regular talks between regulators and businesses, the UK's Treasury department said on Friday.
The new memorandum of understanding will support continued growth, investment and innovation, the government said in a statement, adding that it would build on a financial services partnership between the two countries announced last year.
"The UK and Singapore are among the world's leading jurisdictions for fintech investment – and today’s announcement will only accelerate growth and innovation in our respective sectors," City Minister Andrew Griffith said.
The British government, which has been striving to preserve London's status as a global financial hub following Brexit, said the MoU would also increase sharing of information on emerging trends in the fintech sector.
(Reporting by William James, writing by Muvija M)