Representatives from UK financial technology companies met with Singaporean officials in Downing Street this week for the launch of the new FinTech bridge project.
The agreement is designed to allow regulators in both countries to refer FinTech businesses to their counterparts in their other country.
Jacqueline Loh, deputy managing director of the Monetary Authority of Singapore, said: “It will support Singapore FinTech innovators who wish to use Singapore as a base for collaboration as a gateway to other markets in Asia.”
Harriett Baldwin, economic secretary to the Treasury, said the project was a great opportunity for FinTech firms in both companies.
She explained: “[It] builds upon the deepened financial and economic co-operation between the two counties.
“Forging this bridge with Singapore is the next step on our journey to ensure that the UK and Singapore both remain outstanding FinTech centres.”
The UK government has already repeatedly announced plans to invest in UK FinTech to ensure it becomes the global FinTech capital of the world.
The sector generated £6.6 billion of revenue in 2015 and employed some 60,000 employees, according to statistics from the Treasury.
Christopher Woolard, director of strategy and competition at the Financial Conduct Authority, said: “This will help innovative firms from Singapore that want to bring new ideas to the UK, helping the FCA fulfil our objective of promotion competition in the interests of consumers.”