Wednesday March 8 2017

News Source: Global Exchanges

Focus: Other

Type: General




On 8th March 2017, the Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) signed a Cooperation Agreement (CA) to foster closer cooperation on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both Singapore and Abu Dhabi. This new partnership was the result of meaningful exchanges between the FinTech teams of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM. MAS and FSRA share the same objective to develop robust FinTech ecosystems that support the needs of the financial industry and promote innovation in their respective markets.

The CA establishes a strategic framework for both regulators to assist start-ups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation process. 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.

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