MAS and Australian regulator sign deal to support innovative firms

THE Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC) signed an agreement on Thursday to help innovative businesses in Singapore and Australia with their forays in the two respective markets.

This deal, called the Innovation Functions Cooperation Agreement, will let innovative fintech companies in Singapore and Australia set up initial discussions in each other's market faster, MAS said in a statement.

The firms will also be able to get advice on required licences, which will help reduce regulatory uncertainty and time to market, it noted.

"MAS is also looking forward to partner ASIC in joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and application programming interfaces," said Sopnendu Mohanty, chief fintech officer at MAS.

To qualify for the support offered by the agreement, businesses will need to meet the eligibility criteria of their home regulator.

"Once referred by the regulator, and ahead of applying for licence to operate in the new market, a dedicated team or contact person will help them to understand the regulatory framework in the market they wish to join, and how it applies to them," MAS added.

ASIC and MAS have also committed to exploring joint innovation projects together, and to share information on emerging market trends, as well as their impact on regulation.