The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) have inked an agreement to expand cooperation on fintech.

This initiative was launched at the second Financial Dialogue, which aims to deepen bilateral cooperation and exchange views on domestic and global financial market developments and policies.

The agreement will provide a framework for fintech firm in Singapore and Switzerland to expedite initial discussions on introducing new fintech solutions in each other’s market.

It will help firms to understand regulatory requirements, minimizing regulatory uncertainty and the time-to-market for these new fintech solutions.

It also aims to create opportunities for fintech businesses from both the countries to expand into each other’s markets.

MAS and FINMA also committed to share information about emerging fintech trends and regulatory issues pertaining to innovation.