Singapore and Switzerland ink FinTech cooperation deal

The agreement aims to create more opportunities for FinTech companies.

At an annual financial dialogue, the Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) entered into an agreement to expand cooperation on FinTech.

According to MAS, the deal will help spur opportunities for FinTech businesses from Singapore and Switzerland to grow into each other’s markets.

“The deal provides a framework for innovative FinTech companies in Singapore and Switzerland to speed up discussions on introducing new FinTech solutions in each other’s market and understand regulatory requirements, thus helping to reduce regulatory uncertainty and the time-to-market for these new FinTech solutions,” MAS explained.

On top of this, the two economies also committed to exchange information on emerging FinTech trends and regulatory issues pertaining to innovation.