MAS and ASBA sign FinTech MoU

The Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) today signed a Memorandum of Understanding (MoU) to bolster FinTech ties between Singapore and the Americas.

The MoU provides a framework for FinTech cooperation between Singapore and ASBA member countries. Under the framework, both parties can explore potential joint innovation projects on technologies such as blockchain and big data.

Sponendu Mohanty, Chief FinTech Officer, MAS
Sponendu Mohanty, Chief FinTech Officer, MAS. Photo courtesy: govinsider.asia

MAS and ABSA will also facilitate discussions on issues of mutual interest, such as emerging FinTech trends and other pertinent issues on innovative financial services.

Sponendu Mohanty, Chief FinTech Officer, MAS, said, “FinTech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. 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.”

Rudy Araujo, Secretary General, ASBA,
Rudy Araujo, Secretary General, ASBA. Photo courtesy: 90thconference.sbif.cl

Rudy Araujo, Secretary General, ASBA, commented, “FinTech will progressively change the region’s financial ecosystem. This change is expected to occur in an environment characterised by an ample competition, transparency, sound risk management, and client-centeredness. 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 promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector.

Author
Garima Kapil
Garima Kapil – Senior Writer

Garima Kapil has around five years of experience in the field of writing and editing. Specialised in writing, performing proof-reading and text editing functions along with content ideation; she has worked with leading e-commerce and as a freelancer. She writes on lifestyle, news, telecom, travel, education, healthcare, immigration, along with other subjects required as a full-time writer and freelancer. 

Comments
Poll

Does real estate in India continue to attract you as an investment opportunity?

  • Yes - source of highest returns
  • Average - depends on the project
  • No - now I invest in the resident country
Answer
Write your story

Contribute an Article

Learn more