Singapore and Abu Dhabi Collaborate to Foster FinTech Innovation and Cross-Border Activities

Singapore and Abu Dhabi Collaborate to Foster FinTech Innovation and Cross-Border Activities

by March 9, 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 was signed by Mr Sopnendu Mohanty, Chief FinTech Officer of MAS and Mr Richard Teng, Chief Executive Officer, FSRA of ADGM.  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.

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said,

“The cooperation that is forged with ADGM  marks another step towards strengthening links between regulators, and fostering synergies in promoting innovation and developing capabilities through international co-operation. The Agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with the FSRA that will nurture a vibrant FinTech global ecosystem.”

Mr Richard Teng, CEO, FSRA of ADGM said,

“We are delighted to embark on this partnership with MAS, a leading global Fintech Hub, to advance innovation and the use of technology to promote growth in the financial sector and protect the best interests of investors in our jurisdictions. Asia and the MENA regions have immense growth potential and a large underserved financial sector.  We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future.”