The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) have agreed to facilitate regulatory collaboration and partnership in fintech.
The ‘Fintech Co-operation Agreement (CA)’ will see the pair leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. This includes referral of companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.
Sopnendu Mohanty, chief fintech officer of MAS – Singapore’s central bank and integrated financial regulator, said: “The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for fintech use cases involving multiple jurisdictions.”
While Joseph Joshy, chief technology officer of India‘s authority for the development and regulation of financial products, IFSCA, added: “This agreement is a watershed moment that ushers in a fintech bridge to serve as a launch pad for Indian fintechs to Singapore and landing pad for Singapore fintechs to India, leveraging the regulatory sandboxes.
“The possibility of global collaboration on suitable use cases through a global regulatory sandbox is an exciting opportunity for the fintech ecosystem.”
MAS and IFSCA will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging fintech issues and participate in joint innovation projects.