Recommendation 109

We recognise that there are significant differences between the UK and Singaporean financial and regulatory systems that must be taken into account when making comparisons. However, as Kerstin Mathias, Director of Policy and Innovation at the City of London Corporation, said: “The Singaporean system is very different from the UK’s, and we should acknowledge that. What we can learn from is that it has nailed how to mainstream the innovation and growth mindset across everyone who works at the regulator.” 176