MAS and FINMA sign fintech cooperation agreement

The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) have collaborated and signed a cooperation agreement in a move to foster greater cooperation on fintech.

According to the official release, the initiative provides a framework for innovative fintech companies in both Singapore and Switzerland. The framework will accelerate initial discussions regarding introducing new fintech solutions and understanding regulatory requirements.

The accord will create business opportunities for fintech startups from Singapore and Switzerland in a move to expand both the counties markets. MAS and FINMA have also committed to sharing the information regarding emerging fintech trends and regulatory issues pertaining to innovation.

The agreement was launched during the second annual Financial Dialogue that was held today between the MAS and the State Secretariat for International Finance (SIF). The Financial Dialogue focuses on deepening bilateral cooperation and exchange views on both domestic and international financial market policies and developments.

The Financial Dialogue covered topics on current trends in the global economic and financial markets including international financial regulatory reforms, and financial industry developments. It was led by Ambassador René Weber, Head of the Markets Division in SIF along with representatives from FINMA and the Swiss National Bank, and Jacqueline Loh, Deputy Managing Director of MAS, heading the Singapore delegation.