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Singapore partners Japan and Abu Dhabi to foster fintech growth

Nurdianah Md Nur | March 17, 2017
The collaborations will allow Singapore startups to better understand the regulatory requirements before expanding to Japan and Abu Dhabi

Monetary Authority of Singapore
MAS building. Credit: Nurdianah Md Nur

The Monetary Authority of Singapore (MAS) recently announced fintech-related partnerships with the Financial Services Agency (FSA) of Japan and the Abu Dhabi Global Market (ADGM).

The MAS-FSA partnership will see the establishment of a co-operation framework, which will allow both regulators to refer fintech companies in their countries to each other's markets.

The framework will also outline how the referred companies can seek advice on regulatory frameworks and acquiring the required licenses from regulatory bodies in the respective jurisdictions.

Besides that, the framework will detail how the regulators plan to share and use information on financial services innovation in their respective markets.

Commenting on the partnership, Sopnendu Mohanty, Chief FinTech Officer, MAS, said: "Technology and innovation remain key enablers of financial sector growth in Singapore and Japan. The setting up of the framework is a great opportunity for the FinTech ecosystems in Singapore and Japan, and enhances the already strong financial and economic cooperation between the two countries."

Shunsuke Shirakawa, the Vice Commissioner for International Affairs, FSA, added: "We believe that this Framework strengthens the relationship between FSA and MAS and promotes innovation in our respective markets."

Helping Singapore fintech startups look for opportunities in Abu Dhabi and vice versa

Similarly, the MAS-ADGM partnership aims to nurture the fintech entrepreneurship and support innovation in financial services in Singapore and Abu Dhabi.   

As such, both MAS and ADGM will develop a strategic framework to help startups and innovators better understand the regulatory regime in each jurisdiction, as well as provide support through the application and authorisation process. 

Both authorities will also undertake and explore joint innovation projects on the application of key technologies, such as digital and mobile payments, blockchain and distributed ledgers, big data, and  flexible platforms (API).

"This [partnership] will open up new avenues and create opportunities for fintech firms in Singapore and Abu Dhabi looking to expand into each other's markets. We look forward to greater knowledge exchange and deeper financial cooperation with the Financial Services Regulatory Authority (FSRA) of ADGM that will nurture a vibrant FinTech global ecosystem," said Mohanty.

Richard Teng, CEO, FSRA of ADGM, commented:  "Asia and the Middle East and North Africa region (MENA) regions have immense growth potential and a large underserved financial sector.  We hope that through closer collaboration with like-minded fintech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future."

 

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