City-state Singapore is all set to woo new talents from London from the field of FinTech, or financial technology, following the recent vote by Britain to move out of the European Union.
Singapore is looking to become a FinTech hub and that is why it is seeking all the talent in this field.
Sopnendu Mohanty of the Monetary Authority of Singapore noted the huge pool of talent that could be coming out of the UK following its Brexit vote. He said Singapore can take some of the talents.
Simon Kirby, UK's economic secretary to the treasury, has acknowledged the possibility that Singapore could attract some of the talents. However, he dismissed any doubts that London will lose out as the leading financial centre. He stressed that Brexit was an "opportunity" and not a "risk".
Singapore, according to Mohanty, was doing everything it can from developing talent to building a dedicated FinTech research centre. He said Singapore was "retraining" people from the financial industry, Reuters reported.
Kirby assured that the government was working with regulators and the Bank of England to help FinTech businesses to grow in the UK.
"It's fair to say competition is good. What businesses want is more of a parity between regulation so that they can move easily from one country to another... (and access to) customers," Kirby told CNBC.
