MAS, Securities Commission Malaysia sign accord on fintech, innovation

SINGAPORE — The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) on Thursday (Sept 14) signed an agreement to foster closer cooperation on financial technology (fintech) and innovation in financial services between the two countries.

MAS and SC share similar objectives of developing robust fintech ecosystems that support the needs of the financial industry and promote innovation in their respective markets, the Singapore regulator said in a statement on Friday (Sept 15) announcing the cooperation agreement.

The agreement establishes a strategic framework for both regulators to assist innovator businesses to better understand the regulatory regime in each jurisdiction, and 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.

The cooperation agreement was signed by Mr Sopnendu Mohanty, Chief FinTech Officer at MAS and Mr Chin Wei Min, Executive Director, Innovation, Digital & Strategy at SC.

Mr Mohanty said: “This agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in our neighbouring jurisdictions.”

“I foresee it creating new opportunities for fintech firms in Singapore and Malaysia looking to venture into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional fintech ecosystem in Asean,” he added.