A FinTech Co-operation Agreement has been signed by the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA).
This agreement intends to facilitate regulatory collaboration and partnership in FinTech technology between the two parties.
Under the agreement, both parties now consent to share information regarding innovation in financial products and services.
This is in addition to creating an avenue for collaboration on projects.
In his remark, the Chief Technology Officer of IFSCA Joshy, said: “This agreement is a watershed moment that ushers in a FinTech Bridge to serve as a launch pad for Indian FinTechs to Singapore and landing pad for Singapore FinTechs to India, leveraging the Regulatory Sandboxes. The possibility of global collaboration on suitable use cases through a Global Regulatory Sandbox is an exciting opportunity for the FinTech Ecosystem.”
“This co-operation agreement builds on the Memorandum of Understanding on Supervisory Co-operation signed between MAS and IFSCA in July 2022. The cross-border testing of use cases between Singapore and India will pave the way for operationalizing a broader collaboration framework for FinTech use cases involving multiple jurisdictions,” Chief FinTech Officer of MAS Mohanty stated.