Regulators in the U.K. and Singapore are teaming up in an effort to support AI-driven innovation in the financial sector.
On Wednesday, the U.K.’s Financial Conduct Authority (FCA) announced the launch of a strategic partnership with the Monetary Authority of Singapore (MAS) that will enable firms to operate in both markets more easily, with a view to facilitating growth and responsible innovation.
Under the new partnership, the regulators will engage in joint testing of AI solutions, exchange of supervisory insights and holding collaborative events.
“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,” said Jessica Rusu, chief data, information and intelligence officer at the FCA, in a release.
As part of the arrangement, the FCA is establishing a presence in Singapore for the first time, with the appointment of an attaché based at the British High Commission to represent the FCA.
The FCA said the appointment is part of a wider plan to establish a presence in other “priority markets” next year. Earlier this year, it appointed an attaché to Australia, and it based a representative in Washington, D.C. to advance U.K.-U.S. regulatory policy and cooperation.
“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 U.K. as a global hub for financial services,” Rusu added.
The regulator said it’s building relationships with global regulators to attract foreign investment and drive economic growth.