MAS and IFSCA sign agreement to advance cross-border fintech innovations

Tags: Economy/Finance International News

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. 


  • 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.


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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