MAS, IFSCA To Facilitate Regulatory Collaboration And Partnership For Fintechs

Singapore’s central bank Monetary Authority of Singapore (MAS) has signed a FinTech Co-operation Agreement (CA) with the International Financial Services Centres Authority (IFSCA). The agreement will facilitate regulatory collaboration and partnership in fintech.

MAS and IFSCA will be leveraging existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. Under the agreement, they would refer companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.

The CA will also allow MAS and IFSCA to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.

Additionally, the MAS and IFSCA will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging fintech issues and participate in joint innovation projects.

The CA was signed by Chief FinTech Officer of MAS Sopnendu Mohanty and Chief Technology Officer of IFSCA Joseph Joshy. It was witnessed by Deputy Prime Minister and Minister for Finance and Deputy Chairman of MAS, Lawrence Wong and Finance Minister of Gujarat Kanubhai Desai.

In a statement MAS’s Mohanty said, “This CA builds on the Memorandum of Understanding on Supervisory Co-operation signed between MAS and IFSCA in July 2022. The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for FinTech use cases involving multiple jurisdictions”.