The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) signed an agreement on Sunday (Sep 18) to facilitate regulatory collaboration and partnership in fintech.
The agreement will promote regulatory sandbox collaboration and sharing of non-supervisory related information on fintech innovation projects, MAS and IFSCA said in a joint statement.
Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong witnessed the signing while on an official trip to Gujarat. Mr Wong is also the deputy chairman of MAS.
In his speech during the event, Mr Wong celebrated the growing partnership between the two countries and called the FinTech Cooperation Agreement a “landmark agreement because it is also the first of its kind for both parties to focus on cooperation through joint regulatory sandboxes”.
He added that the Singapore Government hopes that the agreement will open up the space for fintech companies from both countries to experiment and pilot their innovations, which will in turn help create new jobs and investments.
Under the agreement, MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations.
Chief Technology Officer of IFSCA Joseph Joshy said he hopes this partnership will usher in a “fintech bridge to serve as a launch pad for Indian fintechs to Singapore and landing pad for Singapore fintechs to India, leveraging the regulatory sandboxes”.