To promote financial relations between Singapore and Poland, the Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) signed a FinTech co-operation agreement today which lays out a framework for co-operation and referrals between the two regulators. The agreement was signed at the ongoing Singapore Fintech Festival.
“The framework enables both regulators to refer FinTech companies to their counterparts and outlines the support given to the companies to better understand the regulatory regime in each jurisdiction,” said MAS in a press release.
In addition, the framework sets out how MAS and KNF plan to explore joint innovation projects together, as well as share information on emerging market trends and their impact on regulation.
Commenting on the agreement, Jacqueline Loh, MAS Deputy Managing Director, said, “We are delighted to work with KNF on this FinTech partnership. This agreement signifies MAS and KNF’s commitment to accelerate the growth of FinTech in our respective regions, through collaboration and exchanges between both ecosystems.”
She added, “We believe that it will create more value-adding opportunities and platforms for knowledge-exchange between both jurisdictions. We look forward to working with and supporting FinTech businesses from Poland intending to set up in Singapore and serve customers in our region.”
Marek Chrzanowski, KNF Chairman, said, “This agreement between KNF and MAS will create opportunities for FinTech businesses from Poland and Singapore to expand their activities into Polish and Singaporean markets.
He added, “Poland has a unique economic microclimate conducive to financial innovation with a relatively large market and access to other markets due to its membership in the European Union.”