It will slash regulatory uncertainty, time to market.
Expanding to the land down under has just been made easier for Singapore fintechs, as the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC) have inked a deal to assist innovative businesses in Singapore and Australia in their foray to the respective markets.
According to a press release by MAS, the Innovation Functions Cooperation Agreement will allow fintech firms in Singapore and Australia to build discussions in each other’s market faster.
In addition, the agreement allows companies to receive advice on necessary licences, thus slashing regulatory uncertainty and time to market.
“This agreement between the MAS and ASIC would create opportunities for FinTech businesses from Singapore and Australia to grow and expand into each other’s markets,” commented Sopnendu Mohanty, Chief FinTech Officer, MAS.
“MAS is also looking forward to partner ASIC in joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (API),” Mohanty added.
To qualify for the supper that the deal offers, businesses will need to meet the eligibility criteria of their home regulator. Once referred by the regulator and before applying for licence to operate in the new market, a dedicated team or contact person will assist the firm in understanding the regulatory framework they want to join, and how it applies to them.
Further, ASIC and MAS committed to exploring joint innovation projects together. The two market regulators will also share information on emerging market trends as well as their impact on regulation.
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