Lithuania is the latest country to ink a financial technology agreement with Singapore, making it the 19th co-operation agreement signed by the city-state.
The Monetary Authority of Singapore, or MAS, and the Bank of Lithuania signed a co-operation agreement, the two said in a statement. They will work together to support the development of financial technology ecosystems and foster financial innovation.
Singapore has clinched similar agreements with Australia, Britain, Japan and Middle Eastern countries. The government has offered tech firms powerful incentives to settle in the Lion City, in a bid to establish itself as a fintech hub.
Expansion Into New Markets
«The agreement with Bank of Lithuania helps companies in both countries tap on each other’s resources to expand into new markets,» MAS' fintech chief Sopnendu Mohanty said. The pact was clinched during the Money 20/20 Asia conference.
«Lithuania’s ambition to establish itself as a gateway to Europe for non-European financial companies has been already acknowledged by investors from all around the world,» Marius Jurgilas, Member of the Board of the Bank of Lithuania, said.
