Regulatory News
BoE, MAS and the Bank of Thailand have announced a collaboration to explore the technical and policy implications of settling FX transactions using synchronised settlement mechanisms. Experiments will leverage simulated versions of participating central banks’ RTGS systems and DLT based settlement environments to test interoperability between the systems of the participating central banks and multilateral use cases involving different types of settlement infrastructure.
FCA has announced the establishment of a strategic partnership on AI with MAS. Work will include the joint testing of AI solutions and the exchange of regulatory insights. FCA will establish a new presence in Singapore. with the appointment of an FCA Financial Services Attaché based at the British High Commission. It is noted that this forms part of a wider plan to establish a presence other priority markets next year.
HMT has published a note of the meeting held on 2 July 2025 which was attended HMT, MAS, BoE, FCA, the High Commission of the Republic of Singapore in London, and the British High Commission in Singapore. Topics under discussion include: digital finance; sustainable markets; capital markets, and international regulatory developments.
The SI sets out HMT’s determination that Singapore’s regulatory and supervisory regime for trading in derivatives is equivalent to the UK’s and allows UK counterparties to fulfil their Derivatives Trading Obligation when they trade derivatives instruments on trading venues in Singapore, (Date in force: 31 December 2024)
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FCA has welcomed the first industry-led Project Guardian report (second link below) on tokenisation in the asset management sector, delivered through Project Guardian’s asset and wealth management workstream. The report sets out a vision for the use of DLT in asset management and also discusses potential industry and regulatory standards needed to scale tokenisation use-case and enable firms and investors to benefit from the technology. FCA notes that it will collaborate with the Monetary Authority Singapore to explore the regulatory considerations for tokenisation within the asset and wealth management sector next year. The review will consider regulatory and supervisory principles and any potential regulatory barriers to tokenisation concepts.
HMT has published a note on the meeting held on 8 May 2024. They discussed collaboration opportunities in sustainable finance and fintech/innovation. Other topics under discussion included NBFI and cross-border payment connectivity.
The SI has been made in order to specify that the legal and supervisory arrangements in relation to certain CCPs, authorised by the Monetary Authority of Singapore are equivalent to the UK’s corresponding regime. (Date in force: 4 December 2023)
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HMT and the Monetary Authority of Singapore have published a note on their Financial Dialogue meeting which was held on 26 July 2023. Topics under discussion include: sustainable finance; fintech/innovation. cross-border arrangements for selected derivatives trading venues.
HMT and MAS have agreed on a MoU on the UK-Singapore Fintech Bridge which is to come into effect next week. At a meeting in Singapore, the countries discussed sustainable finance, fintech and innovation, and agreed on further cooperation in these areas.
For more information
- https://www.gov.uk/government/news/uk-and-singapore-deepen-collaboration-in-fintech-and-strengthen-financial-cooperation
- https://www.gov.uk/government/news/agreement-with-singapore-opens-new-fintech-market-for-uk-businesses
- https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1120293/Memorandum_of_Understanding_on_the_UK-Singapore_FinTech_Bridge_FINAL_AGREED_TEXT_PDF.pdf
A partnership for financial services between the UK and Singapore has been agreed which is intended to facilitate closer regulatory cooperation and o strengthen cooperation on areas such as fintech, green finance and cyber security.
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