Cooperation arrangement focuses on information sharing and facilitating referrals of fintech firms between Singapore and the US.
MAS (the Monetary Authority of Singapore) and the CFTC (US Commodity Futures Trading Commission) have signed an arrangement to facilitate fintech development and innovation in each other’s markets.
The Cooperation Arrangement on Financial Technology Innovation is the CFTC’s second fintech cooperation arrangement with a non-US authority and its first with one in Asia.
It focuses on information sharing on fintech market trends and developments, including for insights derived from sandboxes, proofs of concept, and innovation competitions.
The arrangement also facilitates referrals of fintech companies from Singapore and the US interested in entering each other’s market, helping them to better understand and navigate the regulatory regime and capitalise on opportunities.
“This arrangement is a significant step forward in our joint commitment to grow the FinTech landscape,” said MAS managing director Ravi Menon. “Through this cooperation arrangement, we hope to create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market.”
“I am delighted to join Ravi Menon in signing this arrangement to demonstrate our mutual commitment to facilitate market-enhancing innovation and share best practices in FinTech engagement,” said CFTC chairman J. Christopher Giancarlo. “By collaborating with MAS’ FinTech & Innovation Group, the CFTC, through LabCFTC, can continue to enhance global awareness of the critical role of regulators in 21st century digital markets.”