Singapore Monetary Authority and the Securities Commission of Malaysia signed a financial technology agreement

nnThe Singapore Monetary Authority has been active in the development of financial technology and has cooperated with relevant institutions in many countries. Today, the agency has signed an agreement with the Malaysian Securities Commission to promote the exchange and cooperation of financial technology companies in both countries to enable them to achieve development in each other’s markets and ultimately create a dynamic financial Science and technology ecosystem.n
nTranslated by: Inan
Singapore and Malaysia’s regulators are bridging to help financial technology companies expand overseas. The Singapore Monetary Authority (MAS) and the Securities Commission of Malaysia (SC) have reached a cooperation agreement to promote innovation in the financial services sector in their respective markets.n
The agreement is intended to extend to each other’s markets and to facilitate the exchange of financial technology companies in their respective jurisdictions.n
In addition, this framework will enable the two regulators to share information on financial services innovation, reduce barriers to entry into new jurisdictions, and further encourage innovation in Singapore and Malaysia.n
Prior to this, the Monetary Authority of Singapore also cooperated with official institutions in other countries, including Britain, South Korea, China and Australia, with one of the objectives being to enable the financial services market to function properly. The agency said it was one of its important tasks to promote competition through innovation.n
Sopnendu Mohanty, chief financial officer of the Singapore Monetary Authority, commented on the partnership:n
n”The agreement with SC underscores our further strengthening of cross-border efforts to promote innovation in neighboring countries and I expect this partnership to provide opportunities for financial technology companies in Singapore and Malaysia to pursue development in each other’s markets. With the SC to achieve more knowledge exchange and deeper financial cooperation to ASEAN in the formation of a vibrant regional financial technology ecosystem.n

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