The Monetary Authority of Singapore (MAS) has announced that it has signed a Cooperation Agreement (CA) with the Securities Commission Malaysia (SC) to foster closer cooperation on fintech and innovation in financial services between Singapore and Malaysia.
Both authorities share similar objectives of developing robust fintech ecosystems that support the needs of the financial industry and promote innovation in their respective markets, the MAS said.
Under the agreement, a strategic framework will be established for both regulators to assist innovative businesses to better understand the regulatory regime in each jurisdiction, and provide support through the application and authorisation process. In addition, both authorities will undertake to consider participating in joint innovation projects that leverage technologies such as blockchain and distributed ledgers.
“This agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in our neighbouring jurisdictions. I foresee it creating new opportunities for FinTech firms in Singapore and Malaysia looking to venture into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN,” Sopnendu Mohanty, Chief FinTech Officer, MAS said.
The MAS has been strengthening its fintech ties with other global counterparts in the past couple of months. It has entered into fintech agreements with the Bank of Thailand, the Danish Financial Supervisory Authority (Danish FSA), the Swiss Financial Market Supervisory Authority(FINMA), and Abu Dhabi Global Market (ADGM), among others.
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