Source: Monetary Authority of Singapore
The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech.
The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is the CFTC’s second FinTech cooperation arrangement with a non-US authority and its first with an authority in Asia.
The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) focuses on information sharing on FinTech market trends and developments. This includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of concept, and innovation competitions. The FinTech Arrangement also facilitates referrals of FinTech companies interested in entering the other’s market. This will help FinTech companies better understand and navigate the regulatory regime and capitalize on opportunities in each jurisdiction.
“I am delighted to join Ravi Menon in signing this arrangement to demonstrate our mutual commitment to facilitate market-enhancing innovation and share best practices in FinTech engagement,” said CFTC Chairman J. Christopher Giancarlo. “I have long admired Ravi and MAS’ leadership in facilitating FinTech innovation and development in Singapore and thinking about how FinTech can be applied to make financial markets more effective in supporting economic growth. By collaborating with MAS’ FinTech & Innovation Group, the CFTC, through LabCFTC, can continue to enhance global awareness of the critical role of regulators in 21st century digital markets. The arrangement we signed today expands the opportunity for the CFTC to build upon our strong relationship with the MAS and enhance communication with innovators in Asia. We are further looking forward to having LabCFTC participate at the Singapore FinTech Festival 2018.”
Ravi Menon, Managing Director, MAS, said, “The CFTC is a highly reputed and progressive regulator, with whom MAS has had a close working relationship. This arrangement is a significant step forward in our joint commitment to grow the FinTech landscape. We have seen increasing interest from FinTech firms in the US to expand to Asia. Through this cooperation arrangement, we hope to create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market. I am also delighted that CFTC will participate in the Singapore FinTech Festival 2018, and contribute to the discussions on applied technologies in capital markets.”