Singapore has signed a new pact to strengthen collaboration and facilitate exchanges on fintech technology with China.

The Monetary Authority of Singapore (MAS) signed an agreement with Chinese think tank Asia-Pacific Future Financial Research Institute (AFF) to facilitate fintech co-operation.

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The agreement will enable the two entities to carry out academic exchanges, share information and support research initiatives.

Additionally, they will work to encourage greater collaboration between business communities and academia of the two countries.

MAS chief fintech officer Sopnendu Mohanty said: “Singapore and China have been longstanding partners on many fronts. This agreement is another step towards closer collaboration between the FinTech ecosystems of Singapore and China to benefit consumers and businesses.

“We look forward to greater knowledge exchange and deeper financial collaboration with the FinTech community in China to nurture a more vibrant global FinTech ecosystem in both countries.”

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Besides supporting fintech development, the agreement also aims to help the financial institutions in Singapore and China to utilise new technologies to improve services.

AFF executive president Du Yan said: “The FinTech era requires more international communication and cooperation. Regulators from different jurisdictions need to promote innovation in financial services to enhance financial inclusion globally.

“Additionally, different institutes should share knowledge and cooperate on innovation. We would like to make joint efforts to construct a better financial eco-environment and promote responsible innovations.”

Earlier, MAS has signed similar fintech collaboration agreements with Bahrain, Indonesia and Dubai.