Britain and Singapore have launched the first fintech bridge that will allow fintech firms and investors in the two countries to access each others’ markets.

Also, the UK’s Financial Conduct Authority (FCA) and Singapore’s Monetary Authority of Singapore (MAS) signed a regulatory cooperation agreement to refer fintech firms in their home countries to their counterparts across the globe.

The regulators will also exchange and use data on financial services innovation in their respective markets.

FCA director of strategy and competition Christopher Woolard said: "This will help innovative firms from Singapore that want to bring new ideas to the UK, helping the FCA fulfil our objective of promoting competition in the interests of consumers.

"At the same time, this agreement will give those British firms with new ideas who want to expand into Singapore support, making them potentially more sustainable challengers in the UK."

MAS deputy managing director Jacqueline Loh said: "The FinTech Bridge that is forged with the UK today is a significant step forward in our FinTech journey. It will support FinTech innovators who wish to use Singapore as a base for collaboration and as a gateway to other markets in Asia.

"The agreement between the MAS and FCA will also create opportunities for Singapore-based companies to grow and scale into the UK market," Loh added.