The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to collaborate and mutually support the development of the Fintech ecosystems and encourage financial innovation between the two countries. Today, MAS and the Bank signed a Fintech Co-operation Agreement during the Money 20/20 Asia conference taking place in Singapore. This agreement follows a long line of similar arrangements between MAS and financial regulators from around the world. Singapore is recognized as a leading global Fintech hub.
According to MAS, the agreement will allow both regulators to explore joint innovation projects and share information on emerging market trends. The agreement will also allow Fintech companies to tap on the support of the respective regulators to better understand the regulatory regime in each country.
Sopnendu Mohanty, Chief FinTech Officer, MAS, commented on the agreement;
“MAS aims to foster a thriving FinTech hub and create opportunities for FinTech companies in Singapore. The agreement with Bank of Lithuania helps companies in both countries tap on each other’s resources to expand into new markets.”
Marius Jurgilas, Member of the Board of the Bank of Lithuania, added;
“Lithuania’s ambition to establish itself as a gateway to Europe for non-European financial companies has been already acknowledged by investors from all around the world. The agreement with MAS will strengthen the ties between Lithuania and Singapore in the field of FinTech, supporting the growth of Lithuanian and Singaporean FinTech companies.”