Singapore And The USA Reaffirm Their FinTech Ties

Singapore And The USA Reaffirm Their FinTech Ties

Singapore and the United States have emphasized the importance of collaboration in a number of sectors, including financial technology or FinTech.

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Singapore and the United States have emphasized the importance of collaboration in a number of sectors, including financial technology or FinTech.

“Singapore and the United States of America (USA) signed a Memorandum of Understanding (MOU) today to foster greater collaboration and promote technology partnerships between Singapore and US companies in third-party markets.”, as the press release from 2 August 2016 stated (available here).

The document was signed by the US Department of Commerce and Singapore`s Ministry of Trade & Industry during a stateside visit by the Asian country`s prime minister Lee Hsien Loong.

Singapore is said to be an important partner of the United States in Asia. Figures from 2014 pointed out that the USA invested over $150 billion in the Asian country, making it the largest US investment in Asia.

On Monday, Singapore`s  Trade & Industry minister S Iswaran and US` secretary of commerce Wilbur Ross reaffirmed the ties between the two economies.

“Singapore and the US share strong and mutually beneficial economic relations, and the US-Singapore Free Trade Agreement (USSFTA) is the cornerstone of our relationship. We look forward to deepening our relations with the US and building on our early successes under the US-Singapore Collaboration Platform MOU.”, said Minister Iswaran as quoted in the official press release available at mti.gov.sg.

“Singapore is an established gateway for American companies to the region, and serves as a launch-pad for American companies looking for growth opportunities in the wider Southeast Asian region.”, as point 5 of the official statement elaborated.

“Singapore and the US are recognized role models in their respective regions when it comes to planning and developing infrastructure.”, commented Lee Ark Boon, CEO of International Enterprise (IE) Singapore.

The two governments will be collaborating on developments in financial technology, infrastructure, smart city solutions and e-commerce.

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