The Monetary Authority of Singapore hosted representatives from the Asia-Pacific and European Union at the inaugural EU-Asia-Pacific Forum on financial regulation this week.
The first EU-Asia-Pacific Forum on financial technology regulation was held in Singapore this week with the aim of uniting representatives from across the globe to debate the impeding issues around fintech regulation, or ‘regtech’.
The Monetary Authority of Singapore (MAS) has said: ‘The Forum seeks to enhance information exchange between regulators from the EU and the Asia-Pacific region on a number of key aspects related to cross-border cooperation.’
Over 150 regulators and officials from the Asia-Pacific Regional Committee (APRC) of the International Organisation of Securities Commissions (IOSCO) and the European Union (EU), covered three specific topics in conjunction with representatives from MAS; cross-border implications of financial services regulatory frameworks, asset management and funds passporting, and emerging fintech opportunities.
Also discussed was the current regulatory framework governing financial services across their separate continents, future regulatory developments in the EU and Asia-Pacific level and the challenges of cross-border collaborations.
Director of Financial Markets at DG FISMA of the European Commission, Ugo Bassi, said that the forum catered to a specific need for regulators to gather to discuss emerging policy priorities for the global regulatory agenda.
“The Asia-Pacific region is an important partner of the EU. Improving mutual understanding between market regulators can only benefit our economies,” he said.
“[It] can enrich our contribution to the definition and enforcement of global regulatory standards; our hope is that the Forum will grow into a platform for joint reflection and dialogue.”