MAS and Australia to Cooperate on Fintech
The Monetary Authority of Singapore (MAS) published a summary of the key developments with respect to the Association of Southeast Asian Nations (ASEAN). Also, MAS and an Australian government agency signed the Australia-Singapore FinTech Bridge Agreement to strengthen cooperation between fintech ecosystems of both countries.
The FinTech Bridge will ensure increased cooperation and collaboration on emerging issues on fintech policy and regulation and support the cross-border growth of fintech. The FinTech Bridge sets out a framework that will enable both authorities to:
- deepen bilateral and multilateral cooperation on fintech, to facilitate trade, investment, and ecosystem development in the fintech sector
- support the mutual establishment of fintech businesses looking to expand in each other’s markets and to encourage fintech firms to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry
- build on current engagements to strengthen linkages between Australia and Singapore for policy officials, regulators, and industry groups and to work together to share fintech expertise and encourage the development of new opportunities
- explore joint innovation projects on emerging issues in fintech to help the industry navigate through a constantly evolving space, to share information on emerging market trends and to learn from the experiences in each jurisdiction. This includes collaboration in areas such as blockchain and distributed ledger technology, digital identities, cross-border data connectivity, data portability, and the application of fintech to promote sustainable finance.
Another statement published by MAS discusses the work priorities for 2022, which were set in the 8th joint meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM), chaired by Cambodia. The meeting welcomed Cambodia’s theme of "ASEAN A.C.T.: Addressing Challenges Together" for its chairmanship of ASEAN in 2022. The discussions centered on work done, or to be done, in the areas of payments, sustainable finance, cyber risk, fintech, and digital assets, among others.
Keywords: Asia Pacific, Singapore, Banking, Fintech, Blockchain, Distributed Ledger Technology, Cross-Border Activities, Sustainable Finance, Digital Assets, Financial Stability, Cyber Risk, MAS, ASEAN
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