Swiss and Singapore’s regulators agree on fintech co-operation
(15 September 2016 – Switzerland) The Swiss and Singaporean financial regulators have agreed to co-operate and encourage bilateral fintech development.
In a statement, the Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore (MAS) said they plan to “share information, support financial innovators, smooth out regulations, and offer more dialogue and secondments.”
FINMA says it is “consistently removing unnecessary regulatory hurdles” – and cites its “Fintech Desk” as a single point of contact and a “dedicated contact person” during the pre-authorisation and/or authorisation processes. FINMA adds that it provides support to all financial innovators irrespective of whether they live in Switzerland or abroad.
Similarly, MAS has a “Fintech Office” which acts as a “one-stop virtual entity”; and helps people understand the regulatory framework in the relevant authority’s jurisdiction.
The initiative was launched at the second “Financial Dialogue” between MAS and the State Secretariat for International Finance (SIF).
MAS recently released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. In addition, MAS also opened its purpose-built fintech innovation lab – Looking Glass @ MAS.
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