Regulators in Singapore and D mark are building bridges to assist fintech companies expand abroad. The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) yesterday tered a cooperation agreem t to promote innovation in financial services in their respective markets.
The agreem t aims to help fintech companies in both countries expand into each other’s markets, and also provides facilitated introductions wh a fintech firm operating in one jurisdiction wants to better understand the rules in the other.
In addition, the co-operation framework will able the regulators to share information about financial services innovations, reduce barriers to try in new jurisdictions and further courage innovation in Singapore and D mark.
The latest agreem t follows several other collaborations that the MAS has instigated with international authorities including the United Kingdom, South Korea, China and Australia, and it is part of its statutory objective making financial services markets function well. Promoting competition through innovation forms a significant part of the regulator’s mission, it said.
Sopn du Mohanty, Chief FinTech Officer at MAS, comm ted: “Singapore and D mark are important gateways to their surrounding regions. This cooperation agreem t signifies the commitm t of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape. We look forward to closer interactions betwe our respective FinTech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other’s markets.”
Thomas Br øe, Deputy Director G eral of Danish FSA, added: “The FSA is committed to courage innovation in the financial sector. We are curr tly establishing a FinTech Lab to support the defin techst of fintechs and provide assistance for these to set up business in D mark. Financial innovation is not confined to national borders, and we are therefore delighted to ter into this agreem t with MAS. This agreem t will sure cooperation betwe the Danish FSA and MAS and will foster opportunity for businesses in D mark and Singapore to grow.”
Brian Mikkels , Danish Minister of Industry, Business and Financial Affairs, added: “I am very happy that D mark and Singapore have be able to join forces in this agreem t. I am sure that this will help many FinTech companies and create an ev better growth vironm t for these companies in both Singapore and D mark.”