South Korea is the latest country to sign a financial technology agreement with Singapore to further innovation and cooperate on regulatory impacts.
The Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) have signed a cooperation agreement to foster greater collaboration in fintech developments.
Korean Fintech Moving Fast
The agreement provides a framework for cooperation in fintech between Singapore and South Korea. Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments. MAS and KFSC will also discuss issues of common interest, and share information on FinTech trends and how it may impact existing regulations.
Although Korea is a relative newcomer of fintech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the Government’s FinTech policy.
Singapore's Fintech Push
Singapore has been extending its influence in the fintech space and has inked several agreements with other jurisdictions in developing the city-state as a leading global financial technology hub.
In May this year Singapore and Britain established an official fintech conduit and the MAS and the Australian Securities and Investments Commission have also agreed to help financial technology businesses explore opportunities in their respective markets.
From November 14 to 18 2016 the MAS will play host to the first Singapore Fintech Festival.
