MAS inks fintech deal with Denmark

Fintech firms from Singapore will be able to expand in Denmark.

The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) signed a FinTech Co-operation Agreement which aims to help FinTech companies in Singapore and Denmark to expand into each other’s markets.

The agreement will enable both regulators to refer FinTech companies to their counterparts. MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

MAS chief fintech officer Sopnendu Mohanty said Singapore and Denmark are important gateways to their surrounding regions.

"This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape. We look forward to closer interactions between our respective FinTech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other’s markets,” Mohanty noted.

Meanwhile, deputy director general of Danish FSA Thomas Brenøe said the authority is committed to encouraging innovation in the financial sector.

"We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS," he said, noting that the agreement will foster opportunity for businesses in Denmark and Singapore to grow.