The UK and Singapore have agreed to encourage closer ties between fintech companies in the two jurisdictions.

Policy makers from both nations will meet regularly with the fintech sector to work to remove regulatory barriers to trade, according to an emailed statement on a new memorandum of understanding on Friday.

The partnership will “deliver a strengthened framework for vital regulatory and policy discussions between the two countries,” Janine Hirt, chief executive officer of trade body Innovate Finance, said in the statement.

The agreement is part of the UK’s drive to bolster its vibrant fintech industry in the wake of Brexit as the European Union pushes to bring more elements of traditional finance into the bloc.