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
Previous Article
EU Agencies Study Web Accessibility and Progress on Green Bonds RuleRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
