The Monetary Authority of Singapore (MAS) has signed a FinTech Co-operation Agreement with the Danish Financial Supervisory Authority (Danish FSA) to help fintech companies in the two countries to expand into each other’s markets.
With this agreement in place, the regulators will be able to refer fintech companies to their counterparts. In addition, they have also committed to jointly explore innovation projects and to share information on emerging market trends and their impact on regulation.
“Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape. We look forward to closer interactions between our respective FinTech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other’s markets”, Sopnendu Mohanty, Chief FinTech Officer, MAS, said.
Thomas Brenøe, Deputy Director General, Danish FSA, said that they are establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in the country.
“Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow”, Brenøe added.
The agreement was signed at the sidelines of the Money 20/20 Europe conference in Copenhagen. Singapore will also host the inaugural Money 20/20 Asia conference in March next year.
The MAS has been collaborating with regulators from a number of countries on fintech in the past couple of months. It has entered into fintech agreements with Abu Dhabi Global Market (ADGM), the Swiss Financial Market Supervisory Authority (FINMA), the Government of Andhra Pradesh (Indian state), the Association of Supervisors of Banks of the Americas (ASBA), International Finance Corporation, and others.
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