Regulators in Singapore and Malaysia are building bridges to assist fintech 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 and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN.”