To support Fintech entrepreneurship and nurture innovation in Singapore and Abu Dhabi financial markets, a historic agreement has been signed between Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM). The Cooperation Agreement (CA) will pave the way for developing a robust Fintech ecosystem that support the needs of the financial industry and promote innovations in the markets of Singapore and Abu Dhabi.
The agreement was signed by Sopendu Mohanty, Chief FinTech Officer of MAS and Richard Teng, Chief Executive Officer of Financial Services Regulatory Authority (FSRA) of ADGM. Through a press release, MAS stated the purpose of the agreement is to assist start-ups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation process in Singapore and Abu Dhabi. Both authorities will also undertake and explore joint innovation projects on the application of key technologies including digital and mobile payments, blockchain and distributed ledgers, big data, flexible platforms (API), and other new technologies.
Sopendu Mohanty, Chief FinTech Officer, MAS said, “The cooperation forged with ADGM marks another step towards strengthening links between regulators, and fostering synergies in promoting innovation and developing capabilities through international cooperation. 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.”
Richard Teng, CEO, FSRA of ADGM said, “We are delighted to embark on this partnership with MAS, a leading global Fintech Hub, to advance innovation and the use of technology to promote growth in the financial sector and protect the best interests of investors in our jurisdictions. 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.”