Building 'fintech bridges' effective in driving real progress

AS THE UK's new Economic Secretary to the Treasury, I made this week my first overseas trip to South-east Asia. I chose to visit Singapore, Malaysia and Indonesia in order to deepen our financial links and build on the near S$800 million in financial services that we exported to the region in 2015.

I was delighted to be invited to Singapore to participate in the inaugural FinTech Festival. It has been a spectacular week of events and it was a great honour to speak in the opening panel session alongside Singapore to showcase our shared status as two of the world's strongest financial technology (fintech) hubs.

I have used my time here as an opportunity to interact with Singapore's entire fintech ecosystem - from technology leads in local banks, to venture capital firms eager to tap into the growing market, to innovative young fintech companies, and have been impressed by the vibrancy and potential of the sector.