The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a cooperation agreement to support growth of fintech in the two jurisdictions.

Under the agreement, the two regulators will assist start-ups to gain insights into the regulatory regime in their jurisdictions as well offer support during the application and authorisation process.  

The watchdogs will also explore joint innovation projects covering technologies such as digital and mobile payments, blockchain and distributed ledgers, and big data. 

MAS chief fintech officer Sopnendu Mohanty said: “The Agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with the FSRA that will nurture a vibrant FinTech global ecosystem.”

ADGM Financial Services Regulatory Authority CEO Richard Teng said: “Asia and the MENA regions have immense growth potential and a large underserved financial sector.  We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future.”