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September 26, 2022

Monetary Authority of Singapore (MAS) and the International Financial Services Centre Authority (IFSCA) sign FinTech Cooperation Agreement

The MAS and IFSCA announced its plan to pursue cross-border FinTech innovations.

The FinTech Cooperation Agreement (CA) was signed by the two parties on 18 September 2022 in Gujarat, India to facilitate regulatory collaboration and partnership. In particular, the CA will promote regulatory sandbox collaboration where both institutions will leverage on existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. The CA will also allow MAS and IFSCA to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox. The two institutions will exchange non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.