Most states don't bother writing memorandums of understanding on fintech. But most states aren't Singapore.
Singapore has reaffirmed its commitment to building fintech bridges with the United States, following a meeting between the two countries’ heads of trade.
“Singapore and the US share strong and mutually beneficial economic relations,” said S Iswaran, Minister for Trade and Industry.
“We look forward to deepening our relations with the US and building on our early successes under the US-Singapore Collaboration Platform MOU.”
In 2016, during Prime Minister Lee Hsien Loong’s official visit to the US, a memorandum of understanding was signed between Singapore’s Ministry of Trade & Industry and the US Department of Commerce.
The MOU aimed to shore up fintech ties between the countries and is one of the few such memoranda that is specific to fintech.
Singapore is the US’ largest trading partner in Southeast Asia, according to the MTI and one of its largest export destinations.
Financial services is a major part of the Singaporean economy and Minister Iswaran indicated in a speech last year that he considers fintech to be a “critical differentiator” for Singapore.