UK and Singapore agree landmark financial services deal

Chancellor of the Exchequer, Rishi Sunak. Image: WikiCommons

The UK and Singapore have agreed a landmark financial services deal which will help to boost jobs and investment in the UK, Chancellor Rishi Sunak said.

The Financial Partnership is a new agreement which will support increased financial services activity between the two countries. The Partnership will facilitate closer cooperation, greater information sharing and opportunities to boost trade and investment, the government said on June 30.

The agreement “marks an important development in the UK’s strategy of pursuing global financial partnerships now that the UK has left the EU,” it added.

The Partnership was agreed by Rishi Sunak and Singapore’s Senior Minister and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam.

Speaking after the signing, the Chancellor of the Exchequer, Rishi Sunak said, “Our financial services industry helps to grow the economy and create jobs, and today’s agreement is a landmark step in showing the UK – as one of the world’s preeminent financial centres – is both open to the world and committed to maintaining the highest standards of regulation.

“Our financial partnership will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration on important areas such as fintech and green finance,” he added.

The Partnership is backed up by a memorandum of understanding which aims to reduce frictions for firms serving UK and Singapore markets.

The agreement comes as a result of the sixth UK-Singapore Financial Dialogue. An additional memorandum of understanding on cybersecurity was also signed, providing a formal basis for co-operation between the UK and Singapore on the finance sector’s cybersecurity, in order to improve the resilience of both countries’ financial systems.

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Written by

Deirdre Tynan

Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.


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