Financial regulators from Brunei and Singapore have signed a FinTech Cooperation Agreement to ‘foster innovation in financial services’.
Brunei Darussalam (AMBD) and the Monetary Authority of Singapore (MAS) signed the agreement to facilitate the sharing of information on emerging FinTech trends and developments, and promote joint innovation projects between both countries.
The FinTech CA will also establish a framework for both authorities to provide support for FinTech companies to better understand the regulatory regime and opportunities in each jurisdiction.
Beyond the FinTech agreement, AMBD and MAS will also work together to enhance the retail payment ecosystem between Brunei Darussalam and Singapore. Both authorities will be guided by a cooperation framework that will provide mutual benefits to businesses and consumers in the two countries.
The agreement comes a month after The Monetary Authority of Singapore established a new partnership with Vietnam to encourage FinTech innovation and strengthen cooperation in banking supervision. MAS and the State Bank of Viet Nam (SBV) created a new Memorandum of Understanding (MOU) will facilitate joint innovation projects between the two countries. It aims to help FinTech companies in one jurisdiction better understand the regulatory regime and opportunities in the other, and encourage the sharing of information on emerging FinTech trends and developments.
Singapore FinTech Association (SFA) also signed a MOU with the FinTech Association of Japan (FAJ) to ‘foster greater FinTech cooperation’. They will work together to collaborate on joint projects and initiatives to support FinTech innovation and development. It will be used to raise the profile of the Japanese FinTech industry and promote Singapore as a destination for Japanese business.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
