Singapore: Adopted UK-Singapore declaration on Digital Payment and DLT Development Collaboration

On 8 May 2024, Singapore and the United Kingdom jointly announced a declaration aiming at increasing collaboration in the areas of digital payment, including cryptocurrencies and distributed ledger technology (DLT) development. The declaration was made during the 9th UK-Singapore Financial Dialogue in Singapore, reflecting a shared commitment to advancing the digital economy and financial services through international cooperation. This initiative aims to address financial stability and cybersecurity risks while promoting responsible innovation in the financial sector. This agreement focuses on establishing interoperability requirements between the two countries to facilitate cross-border digital transactions and innovation in DLT.