The UK’s financial watchdog has launched a partnership with its Singaporean equivalent focused on supporting responsible AI innovation in finance.
The Financial Conduct Authority (FCA) announced the new partnership with the Monetary Authority of Singapore (MAS) on Wednesday at the Singapore Fintech Festival.
Alongside a remit of enabling innovative firms in the UK and Singapore to scale and operate across both markets, the closer ties will also see the FCA establish a presence in the Asian nation with the appointment of an FCA 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,” said Jessica Rusu, chief data, information and intelligence officer at the FCA.
“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.
“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.”
As part of the partnership, the regulators will conduct joint tests of AI solutions and exchange regulatory insights.
