MAS and Americas bank supervisors' body to bolster fintech ties

THE Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) have inked a memorandum of understanding (MOU) to bolster fintech (financial technology) ties between Singapore and the Americas.

The agreement provides a framework for fintech cooperation between Singapore and ASBA member countries, the two parties said on Friday.

Under the framework, both parties can explore potential joint innovation projects on technologies such as blockchain and big data.

MAS and ASBA will also facilitate talks on issues of mutual interest, such as emerging fintech trends and issues on innovative financial services.

Sopnendu Mohanty, chief fintech officer, MAS, said: "Fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS' and ASBA's resolve in accelerating the growth of fintech in the respective regions, through increased collaboration and exchanges between our respective fintech ecosystems."

Rudy Araujo, secretary-general, ASBA, noted that by uniting efforts with the MAS, ASBA expects to support the development of a regulatory and supervisory framework that "while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct".