Following on from its recent agreement with the Australian Securities and Investment Commission (see: https://www.fca.org.uk/news/regulators-sign-innovative-business-agreement ), the UK's Financial Conduct Authority (FCA) has announced another cooperation agreement with the Monetary Authority of Singapore (MAS).
The intention is for the Innovation hubs at the MAS and the FCA to cooperate by referring innovative businesses that are seeking to work in each market, which may include information sharing.
The FCA's approach of global cooperation is certainly promising - since these fintech businesses bring into focus even more issues of territoriality, regulators will need to work together and it's great to see the FCA take the lead on this.
The purpose of this Co-operation Agreement is to provide a framework for cooperation and referrals between the Innovation Functions of each Authority. The framework centres on a referral mechanism which will enable the Authorities to refer Innovator Businesses between their respective Innovation Functions. It also sets out how the Authorities plan to share and use information on innovation in their respective markets.