Singapore MAS and Malaysia SC Ink Fintech Agreement
- This agreement will provide the impetus to connect fintech participants.
Regulators in Singapore and Malaysia are building bridges to assist Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl companies expand abroad. The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) today entered a cooperation agreement to promote innovation in financial services 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 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 Malaysia.
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.
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 innovation in our neighbouring 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN.”
Regulators in Singapore and Malaysia are building bridges to assist Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl companies expand abroad. The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) today entered a cooperation agreement to promote innovation in financial services 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 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 Malaysia.
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.
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 innovation in our neighbouring 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN.”