Regulators in Singapore and Denmark are building bridges to assist fintech companies expand abroad. The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) yesterday entered a cooperation agreement to promote innovation in financial services in their respective markets.
The agreement aims to help fintech companies in both countries expand into each other’s markets, and also provides facilitated introductions when a fintech firm operating in one jurisdiction wants to better understand the rules in the other.
In addition, the co-operation framework will enable the regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in Singapore and Denmark.
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The latest agreement 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.
Sopnendu Mohanty, Chief FinTech Officer at MAS, commented: “Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape. We look forward to closer interactions between our respective FinTech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other’s markets.”
Thomas Brenøe, Deputy Director General of Danish FSA, added: “The FSA is committed to encourage innovation in the financial sector. We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow.”
Brian Mikkelsen, Danish Minister of Industry, Business and Financial Affairs, added: “I am very happy that Denmark and Singapore have been able to join forces in this agreement. I am sure that this will help many FinTech companies and create an even better growth environment for these companies in both Singapore and Denmark.”