Singapore and Malaysia Collaborate for FinTech Innovationbr>
The Monetary Authority of Singapore (MAS) has signed a cooperation agreement with the Securities Commission of Malaysia (SC) to promote innovation in financial services in their respective markets. The agreement was signed by Sopnendu Mohanty, chief FinTech officer at the MAS and Chin Wei Min, executive director of innovation, digital and strategy at SC.
The agreement is aimed at expansion into each other’s markets, and facilitates introductions between FinTech firms in each jurisdiction. The partnership will enable the regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in Singapore and Malaysia.
Both authorities will also consider participating in joint innovation projects related to technologies such as blockchain and distributed ledgers.
Mohanty said that this agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in their neighbouring jurisdictions.
“I foresee it creating new opportunities for FinTech firms in Singapore and Malaysia looking to venture into each other’s markets,” said Mohanty. “We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN.”