Singapore’s Regulator Signs MOU with ASBA to Boost Fintech Ties

Singapore’s financial regulator (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) today signed a Memorandum of Understanding (MOU) to strengthen cooperation in fintech services between Singapore and ASBA member countries.

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The agreement entails the exchange of information between both parties regarding their respective fintech ecosystems and regulatory regimes. It will also connecting fintech startups with local business partners.

The partnership between MAS and ABSA will also boost fintech and entrepreneurial activity on related technologies such as Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and big data. Moreover, this MOU will facilitate discussions on emerging fintech trends and other pertinent issues.

ASBA is an organization that supervises banking practices in the Americas to keep them in line with international standards. ASBA members consist of public and private financial institutions in the United States, the Caribbean, Latin America and Spain.

Sopnendu Mohanty, Chief FinTech Officer at MAS, commented: “FinTech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of FinTech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems.”

Rudy Araujo, Secretary General of ASBA, added: “FinTechs will progressively change the region’s financial ecosystem. This change is expected to occur in an environment characterized by an ample competition, transparency, sound Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, and client-centeredness. Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”