Cooperation, competition keep the Singapore-London relationship going
AS Lord Mayor of the City of London, and a global ambassador for the UK's financial and professional services sector, I am often asked for my views on the direction of our industry.
My response is that that London's future prospects are rooted in many of the same qualities that have made the city an international success for the last thousand years.
The primary reason for this success is international cooperation, and that is exactly why I am here in Singapore this week meeting business and government leaders.
London and Singapore are fellow financial hubs, and the strengths of our two cities are in global partnerships and the seamless flow of innovation, technology and ideas.
We are both world leaders in fintech, which inevitably leads to some healthy competition, but there remains plenty of room to work together.
Back in May 2016, the UK chose Singapore as the destination for its first ever FinTech Bridge. This was an historic agreement, allowing our regulators to refer fintech firms to their counterparts across the globe and share information on innovation in financial services for the first time.
I am Chair of the UK government's Fintech Board, within the Department for International Trade. This board directs the country's fintech trade and investment agenda. In this capacity, I will be speaking with Singaporean regulators and businesspeople about how we can improve cooperation and turn our fintech bridge into a superhighway.
Fintech isn't the only area where we can work together
Cyber-crime is a growing concern for all businesses. It has impacted every financial hub. The UK government has calculated that the issue costs the country £29 billion (S$52.5 billion) each year. Globally, that figure is near £310 billion.
Obviously this issue affects us all, but the financial services sector is particularly vulnerable, being attacked more often than any other. The City of London Corporation and its police force actively work with organisations like the Global Cyber Alliance to share data and collaborate on protection measures. We also provide support for London's flourishing cyber-insurance market, which offers an unrivalled depth, capacity and flexibility of products to firms around the globe. Indeed, one-third of all global cyber risk now goes through the City of London - a remarkable statistic, which reinforces the strength of our offer.
Many UK companies are now looking to take their valuable expertise overseas, and help to improve the resilience of fellow international financial hubs like Singapore. A good example is the British company Darktrace, a world-leader in cyber security artificial intelligence, borne from research at the University of Cambridge. Darktrace now has thousands of customers worldwide, and its Asia-Pacific headquarters have been based in Singapore since 2015.
Another UK company making strides into the Lion City is CyLon, the world's leading cyber security accelerator and seed investment programme. CyLon recently signed a government-backed collaboration agreement to build an Innovation Cybersecurity Ecosystem, which will become the region's first cyber security start-up hub.
These two firms will continue to grow and provide welcome progress in the fight against cybercrime. However, with attacks becoming ever more sophisticated, we need to stay vigilant and ahead of the criminals. It is vital that we continue to develop our trade relationship, so that all financial institutions have access to very best defences against this ever-evolving threat.
During his visit to London last month for the Commonwealth Heads of Government meeting, the Singapore Prime Minister Lee Hsien Loong talked about the importance of networking, warmth and goodwill in relationships. I wholeheartedly agree, and I look forward to building on all three of these during my meetings here.
However, I would also like to add a fourth consideration: trust. Globally, the financial services sector has struggled to regain trust from the public since the financial crisis, and there remains work to be done.
Our Business of Trust programme aims to support businesses to deliver inclusive growth that benefits society. The programme encourages businesses around the world, including those here in Singapore, to work with us to embed principles designed to build trust. I look forward to speaking to you all about how you can get involved.
Let me reiterate how excited I am to explore potential collaborations between our two countries. With the UK's departure from the EU now less than a year away, the spotlight on London's relationship with Singapore is shining brighter than ever before. Together, we can make the most of this opportunity.
