MAS, Securities Commission Malaysia inks agreement on fintech, innovation

THE Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) signed a cooperation agreement on Friday to foster closer cooperation on fintech and innovation in financial services between Singapore and Malaysia.

MAS and SC share similar objectives of developing robust fintech ecosystems that support the needs of the financial industry and promote innovation in their respective markets.

The agreement was signed by Sopnendu Mohanty, chief fintech officer at the MAS and Chin Wei Min, executive director of innovation, digital and strategy at SC.

It establishes a strategic framework for both regulators to assist innovator businesses to better understand the regulatory regime in each jurisdiction, and provide support through the application and authorisation process.

Both authorities will also undertake to consider participating in joint innovation projects that leverage technologies such as blockchain and distributed ledgers.

Mr Mohanty 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."