The regulators of Malaysia and Singapore signed an agreement to foster cooperation on fintech and innovation in financial services.
Both of the Southeast Asian regulators share an interest in developing robust financial technology ecosystems that promote innovation and support the needs of the financial industry and in their respective markets.
The agreement establishes a framework to assist innovator businesses, to better understand the regulatory regime in each jurisdiction, and to provide support through the application and authorisation process. Both Authorities will also undertake to consider participating in joint innovation projects that leverage technologies such as blockchain and distributed ledgers.
Building Fintech Bridges
The agreement was signed by Chin Wei Min, from the Securities Commission Malaysia (SC) and from Sopnendu Mohanty from the Monetary Authority of Singapore (MAS). As well as the agreement with Singapore, Malaysia has recently established fintech bridges with the Hong Kong, Dubai and Australia in June 2017.
«The fintech bridges with major markets in the Asia-Pacific and the Middle East form part of the SC’s digital strategy, and build on the already well-established relationships that the SC has with these regulators,» said Ranjit Ajit Singh, SC chairman.
