The UK’s Financial Conduct Authority is partnering with the financial authority of Singapore to support safe and responsible AI innovation across finance.

This partnership aims to enable innovative firms in the UK and Singapore to scale and operate across markets more effectively.

For the first time, the FCA will also establish a presence in Singapore with the appointment of an FCA Financial Services Attaché based at the British High Commission, forming part of a wider plan to establish a presence other priority markets next year.

A key element of the partnership will be the joint testing of AI solutions, exchange of regulatory insights, and collaborative events to spotlight best-in-class approaches.

“Through our partnership with the Monetary Authority of Singapore, we’ll be championing safe and responsible AI innovation across UK and Singapore markets,” Jessica Rusu, chief data, information and intelligence officer at the FCA said.

Recommended reading

• 28 Million Brits Using AI for Personal Finance, Finds Lloyds Bank
• Most UK Banks Use AI, But Consumer Concerns Remain
• Can AI Deliver the Next Big Leap in Banking?

“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.”