The Monetary Authority of Singapore (MAS) has signed an agreement with the Korean Financial Services Commission to expand collaboration in the development of financial technology (fintech) services.
The agreement will allow the regulators to explore joint innovation projects on technologies including big data and mobile payments.
The regulators will also discuss issues of common interest, and exchange data on trends in fintech and its effect on existing regulations.
MAS chief fintech officer Sopnendu Mohanty said: “This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South Korea.
“Singapore’s vibrant FinTech ecosystem, sound infrastructure, and growing talent pool make it a natural choice for Korean FinTech companies looking to expand their businesses to neighbouring markets.”
The latest deal comes on the heels of MAS’ recent partnership with the Government of Andhra Pradesh (GoAP) to promote fintech innovation in the two markets.
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Under the pact, MAS and GoAP agreed to explore joint innovation projects on various technologies such as digital payments and blockchain, and collaborate on the development of fintech-focused education programmes/curricula on FinTech. The two parties will also discuss emerging fintech trends and share views on regulatory issues related to fintech innovations.
Last month, the Singapore regulator signed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to expand cooperation on fintech. In June 2016, MAS inked a fintech cooperation agreement with the Australian Securities and Investments Commission (ASIC).
In May 2016, UK and Singapore launched the first fintech bridge to help fintech firms and investors in the two countries gain access to each others' markets. At the same time, UK's Financial Conduct Authority (FCA) and MAS signed a regulatory cooperation agreement to refer fintech firms in their home countries to their counterparts across the globe.