19 August 2017
Find out more

Singapore and Abu Dhabi sign fintech co-operation agreement

08 March 2017  |  11449 views  |  0 handshake

Regulatory authorities in Singapore and Abu Dhabi have inked an agreement to support fintech startups entering each territory and undertake joint project on the application of new technologies in finance, including mobile payments, distributed ledgers and big data.

The Co-operative Agreement (CA) between The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) is intended to foster closer cooperation on developments and initiatives that nurture fintech entrepreneurship and support innovation in financial services in both Singapore and Abu Dhabi.

MAS has launched a dedicated office designed to help fintech startups set up in the country and signed similar cross-border deals with regulatory bodies across the globe, including Australia, Switzerland, the UK and the Government of Andhra Pradesh.

Abi Dhabi likewise has been active in the fintech sphere, opening a regulatory lab and sandbox for startups to test their technologies in pre-authorisation mode and creating a new fintech legislative framework in the region under plans to promote the UAE capital as the Middle East's premier financial technology centre.

Sopnendu Mohanty, chief fintech Officer, MAS says that as well as establishing a strategic framework to steer startups from both countries through the regulatory maze, the CA also supports joint innovation projects on the application of key technologies including digital and mobile payments, blockchain and distributed ledgers, big data, and APIs.

“The agreement will open up new avenues and create opportunities for fintech firms in Singapore and Abu Dhabi looking to expand into each other’s markets," he says. "We look forward to greater knowledge exchange and deeper financial cooperation with the FSRA that will nurture a vibrant fintech global ecosystem.”
KeywordsBIG DATA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore's MAS sets up data analytics group

Singapore's MAS sets up data analytics group

14 February 2017  |  6223 views  |  0 comments | 7 tweets | 14 linkedin
Singapore opens new grant scheme to support fintech trials

Singapore opens new grant scheme to support fintech trials

18 November 2016  |  6218 views  |  0 comments | 6 tweets | 5 linkedin
Singapore and international banks to construct interbank blockchain network

Singapore and international banks to construct interbank blockchain network

16 November 2016  |  9036 views  |  0 comments | 13 tweets | 21 linkedin
R3 partners Singapore's MAS for blockchain lab

R3 partners Singapore's MAS for blockchain lab

09 November 2016  |  7356 views  |  0 comments | 5 tweets | 7 linkedin
Abu Dhabi opens fintech RegLab

Abu Dhabi opens fintech RegLab

02 November 2016  |  5989 views  |  0 comments | 3 tweets | 14 linkedin
Singaporean polytechnics to get fintech push

Singaporean polytechnics to get fintech push

03 October 2016  |  5136 views  |  0 comments | 2 tweets | 3 linkedin
Singapore and Switzerland forge fintech pact

Singapore and Switzerland forge fintech pact

13 September 2016  |  11029 views  |  0 comments | 25 tweets | 17 linkedin
Singapore proposes new regulatory framework to handle payments innovation

Singapore proposes new regulatory framework to handle payments innovation

25 August 2016  |  8916 views  |  0 comments | 11 tweets | 13 linkedin
Singaporean and Australian watchdogs sign fintech pact

Singaporean and Australian watchdogs sign fintech pact

17 June 2016  |  9968 views  |  0 comments | 14 tweets | 10 linkedin
Singapore regulator proposes fintech sandbox

Singapore regulator proposes fintech sandbox

06 June 2016  |  8254 views  |  1 comments | 15 tweets | 22 linkedin
Abu Dhabi makes fintech play

Abu Dhabi makes fintech play

30 May 2016  |  10747 views  |  0 comments | 24 tweets | 13 linkedin
UK and Singapore establish 'fintech bridge'

UK and Singapore establish 'fintech bridge'

11 May 2016  |  12709 views  |  0 comments | 32 tweets | 38 linkedin
Monetary Authority of Singapore to run week-long 'Fintech Festival'

Monetary Authority of Singapore to run week-long 'Fintech Festival'

13 April 2016  |  7117 views  |  0 comments | 9 tweets | 10 linkedin
Singapore sets up fintech office for startups

Singapore sets up fintech office for startups

01 April 2016  |  12282 views  |  1 comments | 13 tweets | 9 linkedin
Singapore hires Citi veteran to lead new fintech group

Singapore hires Citi veteran to lead new fintech group

28 July 2015  |  10716 views  |  0 comments | 13 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8188 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7473 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6430 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6163 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6014 views comments | 11 tweets | 9 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job