Wednesday, 17 July 2024
The Monetary Authority of Singapore and the Securities Commission Malaysia collaborate to foster fintech innovation and cross-border activities
The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) signed a Cooperation Agreement (CA) to foster closer cooperation on FinTech and innovation in financial services between Singapore and Malaysia. 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 was signed by Mr Sopnendu Mohanty, Chief FinTech Officer, MAS and Mr Chin Wei Min, Executive Director, Innovation, Digital & Strategy, SC. 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.”
Re-disseminated by The Asian Banker
