MAS and ADGM partner for cross-border fintech promotion

The Monetary Authority of Singapore has signed a memorandum of understanding with the Abu Dhabi Global Market to foster fintech development between their respective nations.

The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) will cooperate on developments and initiatives within the Asian fintech space, after signing a memorandum of understanding (MOU) for a cooperation agreement which will see Singapore and the United Arab Emirates (UAE) support cross-border fintech solutions to build a united ecosystem.

The cooperation agreement had been signed by MAS chief of fintech, Sopnendu Mohanty and ADGM chief executive officer, Richard Teng.

“Asia and the MENA regions have immense growth potential and a large underserved financial sector,” Teng said.

“We are delighted to embark on this partnership with MAS, a leading global Fintech Hub, to advance innovation and the use of technology to promote growth in the financial sector and protect the best interests of investors in our jurisdictions.

“Through closer collaboration with like-minded fintech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry.”

Mohanty said the cooperation would not only focus on collaborative efforts for the development of new offerings, but bind the two nations together on deeper issues including regulation and policy.

“[It] marks another step towards strengthening links between regulators, and fostering synergies in promoting innovation and developing capabilities through international co-operation,” he said.

“The Agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand.

“We look forward to greater knowledge exchange and deeper financial cooperation.”

 

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