The Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) have signed a memorandum of understanding (MOU) to boost FinTech ties between Singapore and the Americas.
The MoU offers a framework for Singapore and ASBA member countries to jointly work o FinTech projects.
MAS Chief FinTech Officer Sopnendu Mohanty said: “FinTech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders.
“This MOU embodies MAS’ and ASBA’s resolve in accelerating the growth of FinTech in the respective regions, through increased collaboration and exchanges between our respective FinTech ecosystems”.
Under the framework, both parties are expected to explore potential joint innovation projects on technologies such as blockchain and big data.
The framework will also see MAS and ABSA allowing discussions on issues of mutual interests, such as emerging FinTech trends and other related issues on innovative financial services.
ASBA Secretary General Rudy Araujo commented said: “FinTechs will progressively change the region’s financial ecosystem. This change is expected to occur in an environment characterized by an ample competition, transparency, sound risk management, and client-centeredness.
“Thus, by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct.”