The Monetary Authority of Singapore (MAS) has signed a Cooperation Agreement (CA) with the Securities Commission Malaysia (SC) to foster closer cooperation on FinTech and innovation in financial services between Singapore and Malaysia. SC is a statutory body with the responsibility of regulating and systematically developing the capital markets in Malaysia and protecting investors.
The CA was signed by Mr Sopnendu Mohanty, Chief FinTech Officer, MAS and Mr Chin Wei Min, Executive Director, Innovation, Digital & Strategy, SC.
MAS and SC share similar objectives of developing robust FinTech ecosystems that support the needs of the financial industry and promote innovation in their respective markets. The CA establishes a strategic framework for both regulators to assist innovator businesses to better understand the regulatory regime in each jurisdiction, and provide support through the application and authorisation process. Both Authorities will also undertake to consider participating in joint innovation projects that leverage technologies such as Blockchain and distributed ledgers.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, “This agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in our neighbouring jurisdictions. I foresee it creating new opportunities for FinTech firms in Singapore and Malaysia looking to venture into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN.”
Since last year, MAS has signed several agreements with overseas financial regulators for cooperation on the development of FinTech, including with the Financial Conduct Authority, UK (May 2016), Australian Securities and Investments Commission (June 2016), Swiss Financial Market Supervisory Authority (September 2016), Korean Financial Services Commission (October 2016), Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers of France(March 2017), Financial Services of Agency, Japan (March 2017), the Danish Financial Supervisory Authority (June 2017), Bank of Thailand (July 2017) and .
In late March, MAS entered into a Cooperation Agreement with Abu Dhabi Global Market to cooperate on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both countries.
On May 23 2017, MAS signed a memorandum of cooperation with International Finance Corporation (IFC), a member of the World Bank Group to work together for establishing and developing the ASEAN Financial Innovation Network (AFIN). In June 2017, MAS and the Association of Supervisors of Banks of the Americas (ASBA) signed a MOU to bolster FinTech ties between Singapore and the Americas.