Singapore, Switzerland to enhance collaboration on fintech

THE Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (Finma) have signed an agreement to foster greater cooperation on fintech.

The agreement between MAS and Finma provides a framework for innovative fintech companies in Singapore and Switzerland to expedite initial discussions on introducing new fintech solutions in each other's market and understand regulatory requirements, MAS said in a release on Monday.

The agreement will help to create opportunities for fintech businesses from Singapore and Switzerland to expand into each other's market.

Finma and MAS have also committed to share information about emerging fintech trends and regulatory issues related to innovation.