In the context of strengthening economic cooperation between Singapore and the EU, the Financial Services Committee highlighted the importance of increased regulatory cooperation especially due to the increasingly connected European and Asia Pacific markets. The committee endorses the objectives of the EU–Asia Pacific Financial Services Forum and believes it is important to improving mutual understanding; the outcomes will benefit market participants operating in both jurisdictions and their contribution to the local implementation of global regulatory standards.
The paper seek to contribute and participate in the regulatory dialogue between the EU and Asia Pacific financial supervisors on current and future regulatory developments, as well as to address issues that have arisen.
At least 9 stakeholders from the European banking industry participated in this position paper where topics such as the implications of extraterritoriality, the important of jurisdictional equivalence, matters of cyber security, data security, cross-border data flows, and FinTech is collaboratively addressed through a consistent approach. This will help to mitigate conflicting guidance, reduce duplication, and promote a more inclusive and competitive playing field.