Switzerland and Singapore work together in Fintech Regulation

Switzerland and Singapore work together in Fintech Regulation

by September 12, 2016

Representatives of the State Secretariat for International Finance (SIF) and Monetary Authority of Singapore (MAS) met in Bern to deepen their bilateral cooperation and exchange views on domestic and international financial market developments and policies.

MAS and the Swiss Financial Market Supervisory Authority (FINMA) also signed a cooperation agreement to foster greater collaboration in FinTech.

The financial dialogue was led by Ambassador René Weber, Head of the Markets Division in the State Secretariat for International Financial Matters (SIF), with representatives from FINMA and the Swiss National Bank (SNB). Jacqueline Loh, Deputy Managing Director of MAS, headed the Singapore’s delegation.

The dialogue touched on current interests in the global economic and financial markets, international financial regulatory reform and financial industry developments.

The cooperation agreement between MAS and FINMA provides a framework for innovative FinTech companies in Singapore and Switzerland to establish initial discussions in each other’s market and understand regulatory requirements, thus helping to reduce regulatory uncertainty and time to market.

This agreement between the MAS and FINMA will create opportunities for FinTech businesses from Singapore and Switzerland to expand into each other’s markets.

FINMA and MAS have also committed to sharing information about emerging FinTech trends and their impact on regulation. Singapore and Switzerland have strong, internationally oriented financial centres and both countries maintain close financial relations.

The foundation for this dialogue between Singapore and Switzerland on financial issues was laid on 8 May 2014 when Singapore’s President, Tony Tan, visited Switzerland. Both countries agreed to enhance cooperation between the competent financial market authorities.