Singapore ties stronger FinTech relationship with Japan

The two are establishing a FinTech cooperation framework.

The Monetary Authority of Singapore (MAS) and the Financial Services Agency (FSA) of Japan are forging a cooperation framework to boost FinTech linkages between both countries.

The framework enables MAS and FSA to refer FinTech companies in their countries to each other’s markets. More so, it outlines how the referred companies can initiate discussions with the regulatory bodies in the respective jurisdictions and receive advice on their regulatory frameworks, such as required licences.

MAS chief FinTech officer Sopnendu Mohanty said with this framework, the regulatory uncertainty and barriers to market are reduced.

"Technology and innovation remain key enablers of financial sector growth in Singapore and Japan. The setting up of the framework is a great opportunity for the FinTech ecosystems in Singapore and Japan, and enhances the already strong financial and economic cooperation between the two countries,” noted Mohanty.

Meanwhile, FSA vice commissioner for international affairs Shunsuke Shirakawa said they are excited to work with MAS, which is actively promoting FinTech based on its Smart Financial Centre Vision.

"We believe that this framework strengthens the relationship between FSA and MAS and promotes innovation in our respective markets,” he said.