Singapore and the United States are jointly pushing toward the collaborative development of a number of industry sectors including financial technology or FinTech.
The US-Singapore Collaboration Platform Memorandum of Understanding (MoU) was first signed [PDF] in 2016 between the US Department of Commerce and Singapore’s Ministry of Trade & Industry during a stateside visit by the Asian nation’s prime minister Lee Hsien Loong.
Singapore’s trade ministry and the US commerce department are the countries’ respective government bodies tasked toward their economic growth and development.
Singapore is an important partner of the United States in Asia. Despite being an island nation of fewer than 6 million people, Singapore is the largest trading partner of the United States in Southeast Asia. Singapore is also the 13th largest merchandise exporter of the United States in the world. United States’ foreign direct investment (FDA) to Singapore was over $150 billion (2014 figures), making it the largest US investment in Asia.
In 2016, bilateral goods and services trade between the two nations totaled USD $68 billion, according to figures revealed by Singapore’s trade ministry.
On Monday, a bilateral meeting between Singapore’s Trade & Industry minister S Iswaran and US’ secretary of commerce Wilbur Ross reaffirmed [PDF] these collaborative ties.
More specifically, the two government bodies are looking to encourage companies from their countries to collaborative and develop solutions in areas including FinTech, infrastructure, smart city solutions and e-commerce.
“Singapore and the US are recognized role models in their respective regions when it comes to planning and developing infrastructure,” stated Lee Ark Boon, CEO of International Enterprise (IE) Singapore. “This MoU paves the way for us to exchange best practices and technologies, thereby unlocking new opportunities and value for companies from both our countries.”
Singapore is widely seen as one of the world’s leading FinTech hubs, thanks to the traditionally technology-forward agenda set in place by the Singaporean government. A notable example of FinTech development is that of the Monetary Authority of Singapore, the nation’s central bank and financial regulator, completing a successful blockchain payments pilot for inter-bank payments, earlier this year. One of the most visible efforts of a central bank researching and developing blockchain solutions, the endeavor also sees the MAS developing its own digital currency.
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