MAS, ASBA sign MOU to bolster fintech innovation

Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) with the Association of Supervisors of Banks of the Americas (ASBA) in order to bolster fintech collaborations between both the countries.

Under the MOU, a framework of fintech cooperation is provided between Singapore and ASBA member countries.

“Fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of Fintech in the respective regions, through increased collaboration and exchanges between our respective Fintech ecosystems,” Sopnendu Mohanty, Chief Fintech Officer, MAS, said.

The MOU’s framework allows both parties to explore possible and potential joint innovation projects on technologies like blockchain and big data. Also, there will be discussions facilitated by both MAS and ASBA on issues of mutual interest, such as emerging fintech trends and other pertinent issues on innovative financial services, the release stated.

“Fintechs will progressively change the region’s financial ecosystem. This change is expected to occur in an environment characterized by an ample competition, transparency, sound risk management, and client-centeredness. Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct,” Rudy Araujo, Secretary General, ASBA, commented.