Singapore and Dubai sign Cooperation Agreement to foster fintech entrepreneurship

Monetary Authority of Singapore (MAS) announced that it has signed a Cooperation Agreement (CA) with Abu Dhabi Global Market (ADGM) in a move to foster the fintech entrepreneurship and support innovation in financial services in both the countries.

The agreement comes as a result of exchanges between the fintech teams of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM. The CA establishes a strategic framework for both the regulators in order to aid fintech startups and innovators to better understand the regulatory regime and provide support through the application and authorization process, the release said.

“The cooperation that is forged with ADGM marks another step towards strengthening links between regulators and fostering synergies in promoting innovation and developing capabilities through international co-operation. The Agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with the FSRA that will nurture a vibrant FinTech global ecosystem,” Sopnendu Mohanty, Chief FinTech Officer, MAS said.

The authorities MAS and FSRA share the same aim to develop a robust fintech ecosystem, which will support the needs of the financial industry as well as promote innovation in their respective markets. The signing authorities will explore and undertake joint innovation projects to apply key technologies including digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), among others.

“We are delighted to embark on this partnership with MAS, a leading global Fintech Hub, to advance innovation and the use of technology to promote growth in the financial sector and protect the best interests of investors in our jurisdictions,” Richard Teng, CEO, FSRA of ADGM, stated. “Asia and the MENA regions have immense growth potential and a large underserved financial sector.  We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future.”