The Financial Services Agency (FSA) of Japan and the Monetary Authority of Singapore (MAS) announced the establishment of a Co-operation Framework to enhance FinTech linkages between both countries.
The Framework enables FSA and MAS to refer FinTech companies in their countries to each other’s markets. It also outlines how the referred companies can initiate discussions with the regulatory bodies in the respective jurisdictions and receive advice on their regulatory frameworks, such as required licences. This will help to reduce regulatory uncertainty and barriers to market. In addition, the Framework also sets out how the regulators plan to share and use information on financial services innovation in their respective markets.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said:
Technology and innovation remain key enablers of financial sector growth in Singapore and Japan. The setting up of the framework is a great opportunity for the FinTech ecosystems in Singapore and Japan, and enhances the already strong financial and economic cooperation between the two countries.
Shunsuke Shirakawa, the Vice Commissioner for International Affairs, FSA, added:
We are delighted to establish this Co-operation Framework with MAS, which is actively promoting FinTech based on its Smart Financial Centre Vision. We believe that this Framework strengthens the relationship between FSA and MAS and promotes innovation in our respective markets.