Singapore inks deal with US to boost fintech cooperation

They will push for referrals of fintech firms that are looking to enter the market.

The Monetary Authority of Singapore (MAS) teamed up with the US Commodity Futures Trading Commission (CFTS) to foster greater cooperation in fintech, an announcement revealed.

“We have seen increasing interest from fintech firms in the US to expand to Asia,” MAS managing director Ravi Menon said. “Through this cooperation arrangement, we hope to create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market.”

The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) will target information sharing on FinTech market trends and developments by which both parties will share insights derived from each authority’s relevant fintech sandbox, proofs of concept, and innovation competitions.

Both agencies will also facilitate referrals of fintech firms that are looking into entering the other’s market.

“By collaborating with MAS’ FinTech & Innovation Group, the CFTC, through LabCFTC, can continue to enhance global awareness of the critical role of regulators in 21st century digital markets,” CFTC chairman J. Christopher Giancarlo commented.

Menon revealed that CFTC will be joining the Singapore FinTech Festival 2018.