Fintech continues to win favour among governments worldwide, with Singapore and South Korea becoming the latest countries to pledge to jointly foster and lay the groundwork for deeper FinTech collaboration.
On Monday, the Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) inked a partnership to help fintech companies from their respective countries scale into each other’s markets.
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The agreement signed by both regulators provides a framework for cooperation in FinTech which will enable them to expedite initial discussions and receive advice on potential joint innovation projects on technologies such as big data and mobile payments. MAS and KFSC will also discuss “issues of common interest, and share information on FinTech trends and how it may impact existing regulations.”
Sopnendu Mohanty, Chief FinTech Officer at the MAS, noted that Singapore’s vibrant fintech ecosystem – reinforced by sound infrastructure and a growing talent pool – supports Korean FinTech companies looking to expand their businesses to neighbouring markets.
Hoon Choi, Director General of Banking and Insurance Bureau at KFSC pointed out that the agreement will enhance relationships between the two nations in innovations related to Fintech. He added that although his country is “a relative newcomer of FinTech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the Government’s FinTech policy.”
The agreement with KFSC is among many fintech cooperation agreements the MAS has signed with a partner country; other examples include the Regulatory Cooperation Agreement inked in June with the UK through its Financial Conduct Authority.