Monetary Authority of Singapore Signs MOU on Fintech with ASBA

 

The Monetary  Authority of Singapore (MAS) has inked another Fintech agreement. This time MAS as signed a Memorandum of Understanding (MOU) with the Association of Supervisors of Banks of the Americas (ASBA). The ASBA helps to develop and promote bank supervisory practices throughout the Americas. Registered in Mexico, the ASBA brings together 40 plus regulatory agencies from the Americas.

The MOU is designed to provide a framework for Fintech cooperation between Singapore and ASBA member countries. Under the framework, both parties may explore potential joint innovation projects on technologies such as blockchain and big data. MAS said the two entities will also facilitate discussions on issues of mutual interest, such as emerging Fintech trends and other pertinent issues on innovative financial services.

“Fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of Fintech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems,” commented Sopnendu Mohanty, Chief Fintech Officer at MAS.

Rudy Araujo, Secretary General of the ASBA, added that Fintech will progressively change the region’s financial ecosystem;

“This change is expected to occur in an environment characterized by an ample competition, transparency, sound risk management, and client-centeredness. Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”

MAS has signed many MOUs with regulatory bodies around the world as it seeks to assert its dominance in the Fintech innovation sector.

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