The Monetary Authority o Singapore (MAS) is boosting its ties with Malaysia in the areas of fintech and financial services with the signing a cooperation agreement (CA) with Securities Commission Malaysia (SC).
The deal was signed by MAS Chief FinTech Officer Sopnendu Mohanty and SC Executive Director for Innovation, Digital & Strategy Chin Wei Min.
Mohanty said the agreement outlines a strategic framework for the two regulators to assist businesses to further understand the regulatory regime in each jurisdiction.
Additionally, the deal will enable MAS and SC to support business application and authorization processes. The two will also be undertaking to help in joint innovation projects that leverage financial technologies like blockchain and distributed ledgers.
"This agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in our neighbouring jurisdictions," Mohanty said.
He furthered that both SC and MAS have a vision of developing fintech ecosystems that will promote and support the needs of their respective financial industries.
With the deal, Mohanty said new opportunities will be created for fintech firms in both Singapore and Malaysia eyeing to enter each other's markets.
"We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN," he said.
Recently, MAS also strengthened its fintech ties with Thailand. The deal allows Singapore and Thailand's regulators to share information on market trends and enables fintech firms from both countries to network.