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MAS inks pact to promote fintech collaboration between Singapore and China

THE Monetary Authority of Singapore (MAS) on Monday signed a cooperation agreement that will promote academic exchanges, information sharing and research cooperation in fintech, with the Asia-Pacific Future Financial Research Institute (AFF), a non-profit organisation and think tank.

The agreement aims for greater collaboration between business communities, academia and think tanks from Singapore and China. Under the pact, both parties will facilitate greater cooperation among financial institutions in the two countries to benefit their consumers using fintech.

“Singapore and China have been long-standing partners on many fronts," said MAS's chief fintech officer Sopnendu Mohanty.

"This agreement is another step towards closer collaboration between the fintech ecosystems of Singapore and China to benefit consumers and businesses. We look forward to greater knowledge exchange and deeper financial collaboration with the fintech community in China to nurture a more vibrant global fintech ecosystem in both countries.”

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AFF executive president Du Yan said the fintech era requires more international communication and cooperation, and regulators from different jurisdictions need to promote innovation in financial services to enhance financial inclusion globally.

The agreement was signed before the FinTech Roundtable, co-organised by MAS and AFF.