The Monetary Authority of Singapore (MAS) ahs executed a cooperative agreement to foster greater fintech collaboration with China.
The agreement signed on Monday between MAS and the Asia-Pacific Future Financial Research Institute (AFF) at the FinTech Roundtable in Singapore seeks to boost cooperation between Chinese and Singaporean financial institutions on fintech applications that can benefit consumers.
The cooperative arrangement also aims to foster cooperation between businesses, academic research institutions and think tanks in both countries.
“Singapore and China have been long-standing partners on many fronts,” said Sopnendu Mohanty,” MAS chief fintech officer according to a report from the Business Times.
“This agreement is another step towards closer collaboration between the fintech ecosystems of Singapore and China to benefit consumers and businesses.
“We look forward to greater knowledge exchange and deeper financial collaboration with the fintech community in China to nurture a more vibrant global fintech system in both countries.”
Du Yan, AFF executive president, said the fintech sector requires greater communication and cooperation between countries, while regulators also need to drive financial innovation in order to boost financial inclusion.