Singapore flexes its fintech muscle to the Nordics


Singapore’s chief financial regulator has signed a cooperation agreement with its Danish counterpart, the Financial Services Authority (FSA), to assist fintech companies in expanding operations across both markets.

As part of the agreement, the Monetary Authority of Singapore (MAS) and the Danish FSA will share information on emerging market trends and financial regulations, as well as a commitment to explore fintech innovation projects together.

The MAS-FSA agreement was signed during the Copenhagen round of the Money 20/20 Europe conference, touted as the world’s largest payments and financial services innovation event. Singapore will play host to the inaugural Money 20/20 Asia conference in March next year.

MAS has shown some eagerness to spread its fintech-friendly message beyond its borders.

The deal with the FSA follows a similar agreement between MAS and the Association of Supervisors of Banks of the Americas (ASBA) earlier in the month, and a noteworthy collaboration with the World Bank Group’s International Finance Corporation (IFA) to promote fintech innovation and development across the ASEAN region.

Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape.”

Deputy Director General of the Danish FSA, Thomas Brenøe, highlighted the Nordic nation’s keen efforts to nurture fintech innovation.

“The FSA is committed to encouraging innovation in the financial sector. We are currently establishing a ‘FinTech Lab’ to support the development of fintechs and provide assistance for these to set up business in Denmark.”

Denmark was named the second most innovative country in the world, according to Business Sweden, representing one-fifth of the fintech investments across the Nordic states.