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MAS and Polish Financial Supervision Authority (KNF) expand co-operation in FinTech

MAS and Polish Financial Supervision Authority (KNF) expand co-operation in FinTech

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image: KNF Chairman, Mr. Marek Chrzanowski and MAS Deputy Managing Director, Ms.
Jacqueline Loh signing the FinTech Co-operation Agreement. Credit: MAS.
 

The Monetary Authority of
Singapore (MAS) and the Polish Financial
Supervision Authority (KNF)
today signed a FinTech Co-operation Agreement,
which lays out a framework for co-operation and referrals between the two
regulators. 

The framework enables both regulators to refer FinTech companies to their
counterparts and outlines the support given to the companies to better
understand the regulatory regime in each jurisdiction. In addition, the
framework sets out how MAS and KNF plan to explore joint innovation projects
together, as well as share information on emerging market trends and their
impact on regulation.

MAS Deputy
Managing Director, Ms. Jacqueline Loh, said, “We are delighted to work with KNF
on this FinTech partnership. This agreement signifies MAS and KNF’s commitment
to accelerate the growth of FinTech in our respective regions, through
collaboration and exchanges between both ecosystems. We believe that it will
create more value-adding opportunities and platforms for knowledge-exchange
between both jurisdictions. We look forward to working with and supporting
FinTech businesses from Poland intending to set up in Singapore and serve
customers in our region.” 

KNF
Chairman, Mr. Marek Chrzanowski, said, “This agreement between KNF and MAS will
create opportunities for FinTech businesses from Poland and Singapore to expand
their activities into Polish and Singaporean markets. Poland has a unique
economic microclimate conducive to financial innovation with a relatively large
market and access to other markets due to its membership in the European Union.
KNF has been playing an active role in supporting the development of the
FinTech sector in Poland. Mutual information sharing on financial innovations
between KNF and MAS will enable us to better understand and monitor all
technological changes in the financial market.”

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