Sir Paul Marshall argues Britain must look to Singapore and Abu Dhabi for lessons in fostering financial innovation

In an era when financial innovation is moving at breakneck speed, Britain is inexplicably trailing behind. The global rise of stablecoins — digital assets pegged to stable stores of value like fiat currencies — represents a pivotal moment for the evolution of money. Yet, while financial hubs like Singapore and Abu Dhabi embrace this shift with pragmatic regulation and incentives for fintech pioneers, the UK remains mired in hesitation.

Sir Paul Marshall, chair of hedge fund giant Marshall Wace, has voiced his concern that Britain’s cautious approach risks losing its edge in the financial services sector. “We are watching the future of money unfold, but from the sidelines,” he warns. “Other jurisdictions are writing the rules, setting the standards, and attracting capital — we are stuck in consultation mode.”

The United Arab Emirates and Singapore have emerged as global leaders in digital asset regulation. The Monetary Authority of Singapore has established a clear and adaptive framework that allows stablecoin issuers to operate with regulatory certainty. Meanwhile, Abu Dhabi Global Market has introduced forward-thinking policies that have made it a magnet for crypto and fintech firms. These regions understand that the future of finance requires both safety and speed.

Britain, by contrast, has adopted a more conservative stance. Despite efforts by HM Treasury to consult with industry stakeholders, legislation and regulatory clarity remain elusive. The Financial Conduct Authority has been slow to approve new crypto initiatives, leading many UK-based companies to relocate or expand overseas. “We are talking about becoming a global crypto hub,” says Marshall, “but actions speak louder than white papers.”

This delay is not merely a policy flaw — it’s an economic risk. Stablecoins hold potential far beyond speculation. They can enable faster cross-border payments, reduce transaction costs, and support a more inclusive global financial system. Without a competitive regulatory regime, Britain stands to lose influence over these emerging standards and technologies.

Moreover, Marshall argues that the UK’s hesitation undermines its credibility as an innovation leader. “If we can regulate banks, derivatives, and complex financial instruments, we can certainly create a sensible framework for stablecoins,” he asserts. What is needed is not more discussion, but decisive action, guided by best practices from jurisdictions already ahead of the curve.

Britain’s strength has long rested on its ability to adapt — from the birth of modern banking to the rise of fintech. But in the race to shape the next generation of money, the UK risks becoming a spectator. Drawing inspiration from Singapore and Abu Dhabi isn’t an admission of failure — it’s a pragmatic move to remain relevant.

If the UK wants to keep its crown as a financial powerhouse, it must act quickly. Stablecoins are not a passing trend. They are the foundation of a new digital financial infrastructure. The lesson from leading jurisdictions is clear: innovation doesn’t wait for consensus.