An historic new partnership for financial services between the UK and Singapore, which will help to boost jobs and investment in the UK, has been agreed by the Chancellor.
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.
This is part of the government’s plan to ensure the UK remains a leading global financial centre and marks an important development in the UK’s strategy of pursuing global financial partnerships now that the UK has left the EU.
The Partnership is backed up by a memorandum of understanding which aims to reduce frictions for firms serving UK and Singapore markets by recognising that each other’s financial services regulatory regimes achieve similar outcomes.