Singapore, Abu Dhabi regulators tie-up to boost fintech cooperation

THE Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) on Wednesday signed an agreement to foster closer cooperation on developments and initiatives that nurture fintech (financial technology) entrepreneurship and support innovation in financial services in both Singapore and Abu Dhabi.

This partnership is the result of exchanges between the fintech teams of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM.

It was signed by Sopnendu Mohanty, chief fintech officer of MAS, and Richard Teng, chief executive officer of FSRA.

The cooperation agreement establishes a strategic framework for both regulators to assist startups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation process.

Both authorities will also undertake and explore joint innovation projects on the application of key technologies, including digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms and other new technologies.