SG, Australia ink agreement to deepen FinTech collaboration

The agreement sets out a framework for 4 collaboration areas.

The Monetary Authority of Singapore (MAS) has inked an agreement with Australia Treasury to collaborate on FinTech.

Under the Australia-Singapore FinTech Bridge Agreement, both countries will collaborate on four areas and one of which is in facilitating trade, investment and ecosystem development in the FinTech sector.

The agreement also tasks both countries to support the mutual establishment of FinTechs looking to expand in each other’s markets and to encourage FinTechs to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry.

The third area would be to strengthen linkages between the two countries ‘ policy officials, regulators, and industry groups so parties from both ends can work together to share FinTech expertise and encourage the development of new opportunities.

Lastly, SG and Australia will explore joint innovation projects on emerging issues in FinTech to help the industry navigate through a constantly evolving space.

The two countries will also share information on emerging market trends, and learn from the experiences in each jurisdiction.

Particular areas for collaboration include blockchain and distributed ledger technology, digital identities, cross-border data
connectivity, data portability, and the application of FinTech to promote sustainable finance.