MAS and IFSCA sign agreement to advance cross-border fintech innovations
The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) on 18 September signed a FinTech Co-operation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech.
IMPORTANT FACTS -
- This formal treaty is called the Fintech Cooperation Agreement (CA).
Sopanedu Mohanty, Chief Fintech Officer, MAS and Joseph Joshi, Chief Technology Officer, IFSCA were present at the signing of the agreement.
Objectives of agreement :
Through the CA, the two collaborating bodies aim to overlook sandbox collaboration and promote objectives such as the dissemination of information.
MAS and IFSCA will maximise the use of existing sandboxes in their respective jurisdictions.
This is to support the use of technological innovations.
What steps will be taken to achieve this ?
Both bodies will refer and connect companies to each others’ sandboxes.
They will innovatie cross-border experimentation in both jurisdictions.
This agreement will allow IFSCA and MAS to determine suitable use cases which could benefit from these kinds of cross-border experiments.
Inviting relevant jurisdictions to participate in this global regulation would be another initiative taken under this agreement.
ADDITIONAL INFORMATION -
What is Financial Technology (Fintech) ?
Fintech refers to the integration of technology by financial services companies to improve their use and delivery to consumers.
Fintech is used to help companies, business owners and consumers to better manage their financial operations and processes etc.
Examples of fintech applications are - robo advisors, payments apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps etc.
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