MAS enters fintech cooperation agreement with Danish regulator

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SINGAPORE (June 29): The Monetary Authority of Singapore (MAS) entered a financial technology (fintech) co-operation agreement with the Danish Financial Supervisory Authority (Danish FSA) yesterday.

The agreement, which was signed at the sidelines of the Money 20/20 Europe conference in Copenhagen, will enable both regulators to refer fintech companies to their counterparts.

Singapore is slated to host its inaugural Money 20/20 Asia conference in March next year.

In a joint release on Thursday, MAS and Danish FSA say they have also committed exploring joint innovation projects together, as well as to share information on emerging market trends and their impact on regulation.

“Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the fintech landscape,” comments Sopnendu Mohanty, chief fintech officer at MAS.

“We look forward to closer interactions between our respective FinTech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other’s markets,” he adds.

“We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS,” says Thomas Brenøe, deputy director general, Danish FSA.

“This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow.”