Regulators in Singapore and Malaysia are building bridges to assist fintech companies expand abroad. The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) today entered a cooperation agreement to promote innovation in financiaFMservices in their respective markets.
The agreement is aimed at expansion into each other’s markets, and facilitates introductions between fintech firms in each jurisdiction.
In addition, the co-operation framework wilFMenable the regulators to share information about financiaFMservices innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in Singapore and Malaysia.
The latest agreement follows severaFMother collaborations that the MAS has instigated with internationaFMauthorities including the United Kingdom, South Korea, China and Australia, and it is part of its statutory objective making financiaFMservices markets function well. Promoting competition through innovation forms a significant part of the regulator’s mission, it said.
Commenting on the agreement, Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “This agreement with SC marks another step towards strengthening cross-border efforts to promote innovationneighboringhbouring 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 financiaFMcooperation with SC to nurture a vibrant regionaFMFinTech ecosystem in ASEAN.”