Singapore and India to collaborate on fintech innovations

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The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centers Authority (IFSCA) signed an agreement on Sunday (September 18) to facilitate regulatory cooperation and partnership in fintech.

The agreement promotes sandbox regulatory cooperation and the sharing of non-supervisory information on fintech innovation projects, MAS and IFSCA said in a joint statement.

Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong witnessed the signing during an official trip to Gujarat. Mr. Wong is also deputy chairman of MAS.

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Speaking at the event, Mr. Wong celebrated the growing partnership between the two countries, calling the FinTech Cooperation Agreement a “landmark agreement as it is also the first of its kind for both sides to focus on cooperation through joint ventures.” regulatory sandboxes”.

He added that the Singapore government hopes the agreement will open up the space for fintech companies from both countries to experiment and test their innovations, which in turn will help create new jobs and investment.

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Under the agreement, MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation with technological innovations.

Chief Technology Officer of IFSCA Joseph Joshy said he hopes this partnership will usher in a “fintech bridge to serve as a launch pad for Indian fintechs to Singapore and a landing pad for Singaporean fintechs to India, leveraging the regulatory sandboxes”.

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