Singapore, South Korea regulators sign fintech agreement

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(World Market Intelligence News, 25 Oct. 2016)

The Monetary Authority of Singapore (MAS) has signed an agreement with the Korean Financial Services Commission to expand collaboration in the development of financial technology (fintech) services. The agreement will allow the regulators to explore joint innovation projects on technologies including big data and mobile payments. “Singapore’s vibrant FinTech ecosystem, sound infrastructure, and growing talent pool make it a natural choice for Korean FinTech companies looking to expand their businesses to neighbouring markets.” Under the pact, MAS and GoAP agreed to explore joint innovation projects on various technologies such as digital payments and blockchain, and collaborate on the development of fintech-focused education programmes/curricula on FinTech. Last month, the Singapore regulator signed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to expand cooperation on fintech. In June 2016, MAS inked a fintech cooperation agreement with the Australian Securities and Investments Commission (ASIC). […]UK’s Financial Conduct Authority (FCA) and MAS signed a regulatory cooperation agreement to refer fintech firms in their home countries to their counterparts across the globe.