The Monetary Authority of Singapore and International Financial Services Centers Authority has signed a Cooperation Agreement to regulate collaboration and partnership in FinTech technology.
Through the CA, MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. This includes referral of companies to each other’s regulatory sandboxes and enables innovative cross-border experiments in both jurisdictions. The CA will also allow MAS and IFSCA to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.
MAS and IFSCA will also share non-supervisory related information and development on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.