MAS is working on enhancing financial cooperation with China, Ghana, and Hungary. MAS also announced partnership with the United Nations Development Program (UNDP) to provide small and medium-size enterprises (SMEs) with innovative financial and digital tools to help them better leverage data and more effectively access financing solutions. It will also create new opportunities for SMEs, including fintech firms, to expand to developing countries within the UNDP’s global network of 170 offices. UNDP and MAS will explore country-specific use cases in Africa to accelerate the adoption of digital finance by SMEs. "We are thrilled to partner with MAS to help prototype and scale innovative financial solutions across the developing world,” said Bradley Busetto, Director of the UNDP Global Center Singapore.
The following are the key highlights of developments in this area:
- MAS will work with Chinese central and provincial counterparts to broaden cooperation in green finance. In addition, MAS announced the award of a qualifying full bank license to China Construction Bank, under the China-Singapore Free Trade Agreement Upgrade Protocol.
- MAS and BOG, the central bank of Ghana, commenced discussions to adopt the Business sans Borders (BSB) open hub of platforms between Singapore and Ghana. These discussions on close cooperation will benefit the small and SMEs and micro-SMEs (MSMEs) in both countries by expanding their connectivity with their counterpart economy, while introducing innovative fintech and digital tools for SMEs. The SME Financial Trust Corridor (FTC), to be led by MAS and BOG, comprises a governance framework and a digital infrastructure, which banks and fintech companies in both countries could refer to and utilize when sharing key information relevant for credit assessment, while abiding by domestic and international regulations, such as data protection and anti-money laundering requirements.
- The cooperation agreement with Hungary sets out a framework for fintech collaboration between both countries. It will put in place a referral mechanism to help fintech firms access each other’s markets. MAS and MNB have also committed to exchange views on emerging market trends and developments in FinTech, as well as regulatory issues on financial services innovation.
Keywords: Europe, Asia Pacific, Hungary, Singapore, China, Ghana, Banking, SME, UNDP, Fintech, API Exchange, COVID-19, MNB, MAS
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleFCA Issues Statement for Firms Preparing for BRRD2 Transposition
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.
The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.
The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)
The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).
The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications