The Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) have inked a memorandum of understanding (MOU) for cooperation in the areas of fintech between Singapore and ASBA member countries.
The two parties will explore ‘innovation projects’ covering various new technologies including blockchain and big data.
The two parties will also discuss emerging trends in fintech as well as other innovative financial services.
ASBA secretary general Rudy Araujo said: “Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”
MAS chief fintech officer Sopnendu Mohanty said: “This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of FinTech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems.”
The Singapore regulator has signed similar agreements with several regulators in the past such as Abu Dhabi Global Market, Korean Financial Services Commission, Swiss Financial Market Supervisory Authority, Australian Securities and Investments Commission, and Financial Conduct Authority. Most recently, it signed a fintech cooperation pact with International Financial Corporation.
In August 2016, the Singapore regulator also launched a lab to support fintech innovation.