Singapore and Abu Dhabi sign fintech co-operation agreement

Singapore and Abu Dhabi sign fintech co-operation agreement

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.”

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