A cooperation agreement for fostering the future development of fintech has been signed between the Monetary Authority of Singapore and the Swiss Financial Market Supervisory Authority.
The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) will collaborate on fintech development as part of an initiative launched at the second Financial Dialogue held between the MAS and the State Secretariat for International Finance (SIF) last week.
The agreement between MAS and FINMA will provide a framework for fintech start-ups in Singapore and Switzerland to collaborate on the introduction of new solutions. In addition to this, the two countries will swap insights into understand their regulatory requirements for alternative finance in a bid to help reduce legislative uncertainty and increase time-to-market estimations for new products.
The MAS said that Singapore and Switzerland maintain close financial relations around international developments, and will also use the opportunity to expand into each other’s cross-continent market space.
The MAS and FINMA will also partner to share information on emerging fintech trends and regulatory issues pertaining to global-scale innovation.