The Monetary Authority of Singapore (MAS) and the International Financial Services Centres (IFSCA) have signed a cooperation agreement to facilitate regulatory collaboration and partnership in FinTech.
According to the MAS, the CA will promote regulatory sandbox collaboration. MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. This includes referral of companies to each other’s regulatory sandboxes and enable cross-border experiments in both jurisdictions.
The CA will also enable MAS and IFSCA to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions and invite relevant jurisdictions to participate in a global regulatory sandbox.
Also involved in the CA was a deal for MAS and IFSCA to share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.
Sharing of Information – MAS and IFSCA will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.
MAS chief FinTech officer Sopnendu Mohanty said, “This CA builds on the Memorandum of Understanding on Supervisory Co-operation signed between MAS and IFSCA in July 2022 MAS and IFSCA exchange Memorandum of Understanding on Supervisory Co-operation. The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for FinTech use cases involving multiple jurisdictions.”
IFSCA chief technology officer Joseph Joshy added, “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.”
The MAS recently launched its Financial Services Industry Transformation Map 2025.
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