MAS inks deal to promote inclusive financial services

It hopes to open dialogue on the benefits of fintech collaborations between Latin America and the Caribbean and ASEAN.

The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) with the Inter-American Development Bank (IDB) Group which was led by its innovation laboratory IDB Lab in a bid to foster innovation in financial services in Latin America and the Caribbean (LAC) and ASEAN, an announcement revealed.

Under the collaboration, they aim to create cross-border collaboration networks between Singapore and LAC’s fintech ecosystems to enable joint innovation projects on financial inclusion in both the regions.

MAS and IDB are also aiming to hold policy dialogues on topics such as data governance and cybersecurity, as well as facilitate exchange on digital transformation and the benefits of fintech collaborations, the statement noted.

“This agreement opens doors for collaboration between the fintech ecosystems in LAC with Singapore and the rest of ASEAN,” MAS chief fintech officer Sopnendu Mohanty said.

The collaboration was announced during the 2018 Singapore FinTech Festival.