FINANCIAL SERVICES | Staff Reporter, Singapore

MAS eyes boosting fintech ties with ASBA members

Both parties can explore potential joint innovation projects.

The Monetary Authority of Singapore and the Association of Supervisors of Banks of the Americas (ASBA) today signed a Memorandum of Understanding (MOU) to bolster fintech ties between Singapore and the Americas

The MOU provides a framework for fintech cooperation between Singapore and ASBA member countries. Under the framework, both parties can explore potential joint innovation projects on technologies such as blockchain and big data. MAS and ABSA will also facilitate discussions on issues of mutual interest, such as emerging FinTech trends and other pertinent issues on innovative financial services.

MAS chief fintech officer Sopnendu Mohanty said fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders.

"This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of FinTech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems," he said.

Meanwhile, ASBA Secretary General Rudy Araujo said fintechs will progressively change the region’s financial ecosystem.

"This change is expected to occur in an environment characterised by an ample competition, transparency, sound risk management, and client-centeredness. Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”

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