Singapore Central Bank & India’s IFSCA To Pursue Fintech Innovations

Singapore Central Bank & India’s IFSCA To Pursue Fintech Innovations – The Monetary Authority of Singapore (MAS) has signed FinTech Co-operation Agreement in the collaboration with Financial Services Centres Authority (IFSCA) for facilitating regulatory collaboration and partnership in FinTech technology.

• The agreement will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations.
• Both organisations will evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox under the agreement.
• Singapore Central Bank, India’s IFSCA will share non-supervisory related information and developments on innovation in financial products and services.
• Both will also facilitate discussions on emerging FinTech issues and participate in joint innovation projects.

Singapore Central Bank, India’s IFSCA

• The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.
• The International Financial Services Centres Authority (IFSCA) is a unified authority.
• It develops and regulates financial products, financial services and financial institutions in the International Financial Services Centres in India.

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