On 30 June 2021, the Chancellor announced a new financial partnership between the UK and Singapore. The Partnership is backed up by a non-legally binding memorandum of understanding (MoU) which aims to reduce frictions for firms serving UK and Singapore markets. Under the Partnership, the UK and Singapore will explore opportunities for greater financial cooperation, including enhanced information sharing, closer cooperation in international fora, as well as regulatory deference, to drive new and broader opportunities for financial services trade and cooperation.