Singapore central bank, India’s IFSCA to pursue Fintech innovations
Monetary Authority of Singapore (MAS) and International Financial Services Centers Authority (IFSCA) signed a FinTech cooperation agreement to facilitate regulatory cooperation and partnership in FinTech technology. The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support the experimentation of technology innovations.
Bank Maha package includes Live Batcher, Test Series, Video Lectures and eBooks
This is how it works:
It will include referring companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions. The agreement will also allow both organizations to assess the suitability of use cases that could benefit from cross-jurisdictional collaboration, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.
Main aspect:
Sharing of information will be a central part of the agreement. The two will share non-regulatory information and developments on innovation in financial products and services, facilitate discussions on new FinTech issues and participate in joint innovation projects.
What they said:
The agreement was signed by Chief FinTech Officer at MAS, Sopnendu Mohantyand Chief Technology Officer of IFSCA, Joseph Joshy, and testified Deputy Prime Minister and Minister of Finance, and Deputy Chairman of MAS, Lawrence Wong, and Finance Minister of Gujarat, Kanubhai Desai, Chairman of IFSCA, Injeti Srinivas, Chairman of GIFT Company Ltd., Sudhir Mankad, and Managing Director and CEO of GIFT Company Ltd., Tapan Ray.
“This cooperation agreement is based on Memorandum of Understanding on supervisory cooperation signed between MAS and IFSCA in July 2022. The cross-border testing of use cases between Singapore and India will pave the way for the operationalization of a broader collaborative framework for FinTech use cases involving multiple jurisdictions, said Chief FinTech Officer at MAS Mohanty.
Joshy, Chief Technology Officer of IFSCA, welcomed the collaboration with MAS, saying, “This agreement is a watershed 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 Regulatory Sandboxes The opportunity for global collaboration on appropriate use cases through a Global Regulatory Sandbox is an exciting opportunity for the FinTech Ecosystem.”
What is IFSCA:
The International Financial Services Centers Authority (IFSCA) is one unified authority for the development and regulation of financial products, financial services and financial institutions in International Financial Services Centers in India. Located in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar (Gujarat), GIFT-IFSC is India’s first International Finance Center (IFSC).
Find more news related to banking services
