Singapore and India Sign Fintech Agreement To Drive Innovation

of Monetary Authority of Singapore (MAS) and indian International Financial Services Centers Authority (IFSCA) Agreed to promote regulatory cooperation and partnerships in fintech.

The Fintech Cooperation Agreement (CA) will allow the pair to leverage existing regulatory sandboxes in their respective jurisdictions to support innovation experimentation. This includes the introduction of companies to each other’s regulatory sandboxes, enabling innovative cross-border experimentation in both jurisdictions.

Sopnendu MohantyMAS, Chief Fintech Officer at Singapore’s central bank and integrated financial regulator, MAS, said:

in the meantime Joseph Josie IFSCA, Chief Technology Officer, IFSCA, India’s financial instruments development and regulator, added: India leverages regulatory sandbox.

The potential for global collaboration on appropriate use cases through a global regulatory sandbox is an exciting opportunity for the fintech ecosystem.

MAS and IFSCA will share non-supervisory information and developments on innovation in financial products and services, facilitate discussion on emerging fintech issues, and participate in joint innovation projects.