ADGM, Singapore authority to boost FinTech innovation

ABU DHABI / WAM

The Abu Dhabi Global Market (ADGM) and the Monetary Authority of Singapore (MAS) signed a Cooperation Agreement |(CA) to foster closer cooperation on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both Singapore and Abu Dhabi.
This new partnership was the result of meaningful exchanges between the FinTech teams of MAS and the Financial Services Regulatory Authority (FSRA) of ADGM. MAS and FSRA share the same objective to develop robust FinTech ecosystems that support the needs of the financial industry and promote innovation in their respective markets.
The CA was signed by Richard Teng, Chief Executive Officer, FSRA of ADGM, and Sopnendu Mohanty, Chief FinTech Officer of MAS. The CA establishes a strategic framework for both regulators to assist start-ups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation process.
Both authorities will also undertake and explore joint innovation projects on the application of key technologies including digital and mobile payments, blockchain and distributed ledgers, big data, flex-ible platforms (API), and other new technologies.
Mohanty said, “The cooperation that is forged with ADGM marks another step towards strengthening links between regulators, and fostering synergies in promoting innovation and developing capabilities through international co-operation. The agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with the FSRA that will nurture a vibrant FinTech global ecosystem.”