MAS and Securities Commission Malaysia to collaborate for fintech innovation

The two look to work on projects related to blockchain and distributed ledgers.

The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) inked a cooperation agreement (CA) for a collaboration on fintech initiatives between Singapore and Malaysia.

According to a press release, the CA establishes a framework for both regulators to assist innovator businesses in understanding regulations and applying for authorisation.

Both the MAS and SC will also look towards creating joint innovation projects that use technologies such as blockchain and distributed ledgers.

MAS chief fintech officer Sopnendu Mohanty said, "I foresee it creating new opportunities for FinTech firms in Singapore and Malaysia looking to venture into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN."