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UK and Singapore agree to increase financial services cooperation

Ministers welcome new private sector forum to boost offshore Renminbi market outside Greater China

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Logos of HM Treasury, Singapore Ministry of Finance and Monetary Authority of Singapore

The UK and Singapore have agreed to set up a UK-Singapore Financial Dialogue, which will focus on deepening financial and economic cooperation between the two countries.

Making his first trip to Singapore, Chancellor of the Exchequer, George Osborne, and Singapore’s Deputy Prime Minister, Minister for Finance and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam, agreed to the dialogue at a meeting in Singapore yesterday (24 February 2014).

Update: 24 October 2014

During the state visit by President Tan of Singapore to the UK in October, the Economic Secretary to the Treasury, Andrea Leadsom, who recently visited Singapore, announced that the first round of the UK-Singapore Financial Dialogue and Renminbi forum will take place in Singapore on 27-28 January 2015.

London and Singapore are two of the world’s leading international financial centres and play similar roles as financial hubs and major asset management centres for Europe and Asia respectively. They are also the largest and third largest foreign exchange centres in the world .

Led by HM Treasury for the UK and the Monetary Authority of Singapore, this Dialogue will form the basis for a regular and structured exchange of views on domestic and international financial issues.

Alongside the Dialogue, the Ministers also agreed to support the establishment of a new, private sector forum to boost the development of the offshore Renminbi market. The forum will be led by the private sector and focus on increasing cooperation between the UK and Singapore markets.

George Osborne said:

I am delighted to be able to announce the new UK-Singapore Financial Dialogue. The UK and Singapore are both leading financial centres. Sharing our knowledge and expertise will open up new opportunities for both of our economies and help the UK succeed in the global race.

London and Singapore are integral players in Renminbi markets outside of Greater China. Our financial firms and institutions are leading the way in promoting the use of Renminbi and I am pleased to support work to help develop it further.

Tharman Shanmugaratnam said:

The UK-Singapore Financial Dialogue reflects our common interests in promoting a stable and vibrant international financial system, and will help strengthen what is already a solid base of economic and financial cooperation. The new private sector forum will also help advance cooperation as we each play our role in developing the offshore RMB market.

Outside of China and Hong Kong, London and Singapore are the leading centres for RMB trading and financing, and serve different investor bases and business communities. The two centres can cooperate to promote fungibility of the RMB globally, encourage innovation in RMB products and services and meet the growing appetite for RMB investment instruments.

Photo courtesy of Metteo Pieroni on Flickr, used under Creative Commons.

Published 25 February 2014
Last updated 24 October 2014 + show all updates
  1. Andrea Leadsom, who recently visited Singapore, announces that the first round of the UK-Singapore Financial Dialogue and Renminbi forum will take place in Singapore on 27-28 January 2015.
  2. First published.