As part of the pact, the UK regulator has appointed a financial services attaché in the Asian city-state.

The UK’s Financial Conduct Authority is partnering on AI-related areas with the Monetary Authority of Singapore. The British regulator will set up a new presence in Singapore.  

The partnership was announced at the Singapore Fintech Festival taking place this week (11 to 14 November). The FCA said the pact will enable innovative firms in the UK and Singapore to scale and operate across both markets more effectively. 

The FCA has appointed a financial services attaché based at the British High Commission.  

“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,” Jessica Rusu, chief data, information and intelligence officer at the FCA, said. 

“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,” Rusu said. 

In April, the FCA said it had appointed Asia-Pacific director, Camille Blackburn – based in Australia – to establish a presence in the region. Tash Miah was also appointed at the British Embassy in Washington, DC to advance UK-US financial services policy and regulatory cooperation.