SG, India ink agreement on fintech cooperation

The agreement will promote regulatory collaboration between the two markets.

The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) in India inked a cooperation agreement allowing regulatory collaboration and partnership in fintech between two markets.

Under the agreements, MAS and IFSCA will "leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations."

"This includes referral of companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions," MAS said.

READ MORE: MAS rolls out transformation map for the financial services industry 

The agreement will also allow both parties to share non-supervisory related information and developments on innovation in financial products and services.

MAS and IFSCA can likewise facilitate discussions on emerging FinTech issues and participate in joint innovation projects.

“The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for FinTech use cases involving multiple jurisdictions," MAS Chief FinTech Officer, Sopnendu Mohanty said.