MAS and IFSCA pursue cross-border fintech innovations

MAS and IFSCA pursue cross-border fintech innovations
MAS and IFSCA pursue cross-border fintech innovations

MAS IFSCA logo

Gujarat, India, 18 September 2022 … Monetary Authority of Singapore (MAS) and International Financial Services Centers Authority (IFSCA)IFSCA is headquartered in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat, India. today signed a FinTech Co-operation Agreement (CA) to facilitate regulatory cooperation and partnership in FinTech.

2 CA will promote the following:

  • Regulatory Sandbox Collaboration – MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support the experimentation of technology innovations. This includes referring companies to each other’s regulatory sandboxes and enables innovative cross-border experiments in both jurisdictions. The CA will also allow MAS and IFSCA 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.
  • Sharing of information – MAS and IFSCA will share non-supervisory information and developments on innovation within financial products and services, facilitate discussions on new FinTech issues and participate in joint innovation projects.

3 The CA was signed by Chief FinTech Officer of MAS, Mr Sopnendu Mohanty, and Chief Technology Officer of IFSCA, Mr Joseph Joshy, and witnessed by Deputy Prime Minister and Minister of Finance, and Deputy Chairman of MAS, Mr Lawrence Wong, and Finance. Minister of Gujarat, Mr Kanubhai Desai, Chairman of IFSCA, Mr Injeti Srinivas, Chairman of GIFT Company Ltd., Mr Sudhir Mankad, and Managing Director and CEO of GIFT Company Ltd., Mr Tapan Ray.

4 Mr Mohanty, said: “This CA builds on the Memorandum of Understanding on Supervisory Cooperation signed between MAS and IFSCA in July 2022MAS and IFSCA exchange Memorandum of Understanding on supervisory cooperation (Details of MAS website & IFSCA website ).. 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.”

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5 Welcoming the collaboration with MAS, Joshy said, “This deal 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.”

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About MAS, the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the implementation of monetary policy and close macroeconomic monitoring and analysis. It manages Singapore’s exchange rate, official foreign exchange reserves and banking sector liquidity. As an integrated financial regulator, MAS promotes a healthy financial services sector through its supervision of all financial institutions in Singapore – banks, insurance companies, capital market intermediaries, financial advisers and financial market infrastructures. It is also responsible for well-functioning financial markets, good conduct and investor education. MAS also works with the financial services industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, the use of technology and the upgrading of competence in the financial industry.

For more information, please visit our website at www.mas.gov.sg

About IFSCA, the International Financial Services Center Authority

The International Financial Services Centers Authority (IFSCA) is a 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).

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Established by the Government of India under the IFSCA Act 2019, the IFSCA has laid down a principles-based regulatory framework governing a myriad of activities, such as banking, finance companies, capital markets, fund management, insurance, aircraft and ship leasing, etc., which have been globally benchmarked and designed to ensure ease of operation.

For more information, please visit our website at www.ifsca.gov.in

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