India and Singapore will collaborate on fintech innovations

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Last Updated on September 18, 2022 by Bitfinsider

In order to promote regulatory cooperation and partnership in the fintech industry, the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) of India inked a contract on Sunday, September 18.

According to a joint statement from MAS and IFSCA, the agreement will encourage regulatory sandbox collaboration and the sharing of non-supervisory related information on fintech innovation projects.

While on an official trip to Gujarat, Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong saw the signing. Mr. Wong serves as the MAS’s deputy chairman as well.

In his statement at the ceremony, Mr. Wong praised the two nations’ expanding partnership and referred to the FinTech Cooperation Deal as a “landmark agreement” because it was the first of its type to focus on cooperation through shared regulatory sandboxes between the two sides.

The Singapore government expects that the deal will allow fintech firms from both nations to explore and test-drive their technologies, which will in turn help generate new employment and financial investments, he continued.

In accordance with the contract, MAS and IFSCA will make use of the regulatory sandboxes already in place in their respective jurisdictions to enable the testing of technological advances.

IFSCA’s Joseph Joshy, Chief Technology Officer, expressed his expectation that this collaboration would usher in a “fintech bridge to act as a launch pad for Indian fintechs to Singapore and a landing pad for Singaporean fintechs to India, using the regulatory sandboxes.”

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