India, Singapore sign an agreement for promoting regulatory collaboration and partnership in fintech

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With an aim to promote regulatory sandbox collaboration and the sharing of information, the Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) have signed a co-operation agreement. It will also facilitate regulatory collaboration and partnership in fintech.

This agreement was signed in the Western state of Gujarat in the presence of Singapore’s Deputy Prime Minister Lawrence Wong, who is currently visiting India. Notably, he is also the Finance Minister and the deputy chairman of MAS.

Under the Regulatory Sandbox Collaboration the two regulators- MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. This includes the referral of companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.

It will also boost sharing of Information between MAS and IFSCA. This will promote sharing non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.

The agreement was signed by the Chief FinTech Officer of MAS, Sopnendu Mohanty, and Chief Technology Officer of IFSCA, Joseph Joshy.

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Wong, who spoke at a luncheon hosted by the Gujarat government on Sunday, said: “We hope (the agreement) will open up the space for fintech companies from both countries to experiment and pilot innovative products and services to serve both our markets. I hope this will spur innovation, create new jobs and investments, and further strengthen the development of the fintech industry in both Gujarat and Singapore.”

IFSCA’s chief technology officer Joseph Joshy said: “This agreement is a watershed moment that ushers in a fintech bridge to serve as a launch pad for Indian fintechs to Singapore and landing pad for Singapore fintechs to India, leveraging the regulatory sandboxes. The possibility of global collaboration on suitable use cases through a global regulatory sandbox is an exciting opportunity for the fintech ecosystem.”

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