A very wise move considering how advanced Singapore is to the UK in so many ways, especially the tech sector;
The Financial Conduct Authority (FCA) is strengthening its international footprint with a strategic partnership on artificial intelligence (AI) with the Monetary Authority of Singapore (MAS) and will establish a new presence in the country.
Announced at the Singapore Fintech Festival, the new partnership will support safe and responsible AI innovation. This will enable innovative firms in the UK and Singapore to scale and operate across both markets more effectively.
For the first time, the FCA will also establish a presence in Singapore with the appointment of an FCA Financial Services Attaché based at the British High Commission. This forms part of a wider plan to establish a presence in other priority markets next year.
Jessica Rusu, chief data, information and intelligence officer at the FCA, said: “Through our partnership with the Monetary Authority of Singapore, we’ll be championing safe and responsible AI innovation across UK and Singapore markets. I’m looking forward to seeing how it enables firms in both countries to grow through collaboration, gauge new cross-border opportunities, and shape the future of responsible AI innovation in finance.
“Our appointment to Singapore helps us expand our network of financial services attachés around the world, strengthen our regulatory relationship with MAS and promote the UK as a global hub for financial services.”
A key element of the partnership will be the joint testing of AI solutions, exchange of regulatory insights, and collaborative events to spotlight best-in-class approaches.
These steps reinforce the FCA’s commitment to supporting economic growth. Strengthening ties will help build global regulatory relationships and attract inward investment to the UK.
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