The Monetary Authority of Singapore (MAS) and the Australian Treasury have signed a FinTech Bridge agreement to boost cooperation between the nations in the fintech space.
Discussions on the Australia-Singapore FinTech Bridge Agreement began in June 2021, when Australian Prime Minister Scott Morrison met his counterpart, Lee Hsien Loong.
The agreement seeks to build on the pre-existing framework for digital economy cooperation under the Australia-Singapore Digital Economy Agreement (DEA).
The FinTech Bridge agreement sets out a framework to develop deep bilateral and multilateral cooperation to further trade, investment, and development in the fintech space.
It seeks to support fintechs looking to expand in each other’s markets and give them access to facilities and assistance to allow them to explore new avenues.
The framework also aims to build on existing arrangements to bolster ties between the countries for officials, regulators and industry groups and work closely to share expertise, while encouraging the development of new opportunities.
Furthermore, the FinTech Bridge aims to work on emerging issues in the fintech space to help navigate, share information on new trends and learn from experiences in each country.
Some of the emerging issues to be covered include areas such as blockchain, distributed ledger technology, digital identities, cross-border data connectivity, data portability, and the application of fintech to promote sustainable finance.