Australian and Singaporean regulators reach fintech agreement
(20 June 2016 – Australia) Australia's Securities and Investment Commission (ASIC) and Singapore’s Monetary Authority (MAS) have signed a reciprocal agreement to help speed the licensing process for fintech startups looking to enter each territory.
Both regulatory bodies have been striving to create a positive environment for fintech innovators, creating specialist teams to guide young businesses through the regulatory maze and establishing sandbox environments to test new concepts.
The new co-operation agreement follows a similar pact inked between ASIC and the UK's Financial Conduct Authority (FCA) earlier this year, and between MAS and the FCA in May.
The MAS and ASIC agreement also have a wider dimension, spelling out the potential for closer co-operation on future fintech projects.
“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),” said Sopnendu Mohanty, chief fintech officer at MAS.
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