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"Our financial partnership will help increase investment and trade with Singapore and the Asia-Pacific region and boost collaboration on important areas such as fintech and green finance," British finance minister Rishi Sunak said.
The agreement includes a memorandum of understanding which seeks to reduce burdens for firms operating in British and Singapore markets by recognising that their financial services regulatory regimes achieve the same outcomes.
An MoU on cybersecurity was also part of the agreement which was struck by Sunak and the chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, Britain's finance ministry said.