Singapore’s financial regulator (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) today signed a Memorandum of Understanding (MOU) to strengthen cooperation in fintech services between Singapore and ASBA member countries.
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The agreement entails the exchange of information between both parties on their respective fintech ecosystems and regulatory regimes, as well as connecting fintech startups with local business partners.
The partnership between MAS and ABSA will also boost fintech and entrepreneurial activity on related technologies such as blockchain and big data. Moreover, this MOU will facilitate discussions on emerging FinTech trends and other pertinent issues on innovative financial services.
ASBA is an organization that supervises banking practices in the Americas to keep them in line with international standards. ASBA members consist of public and private financial institutions in the United States, the Caribbean, Latin America and Spain.
Sopnendu Mohanty, Chief FinTech Officer at MAS commented: “FinTech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of FinTech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems”.
Rudy Araujo, Secretary General of ASBA added: “FinTechs will progressively change the region’s financial ecosystem. This change is expected to occur in an environment characterized by an ample competition, transparency, sound risk management, and client-centeredness. Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”
Source: Finance Magnates