Singapore, Switzerland agree on greater FinTech cooperation
Mon 12 Sep 2016
National financial regulators in Singapore and Switzerland have agreed on greater collaboration efforts for FinTech initiatives, building a framework for companies in both countries to accelerate discussions around innovative solutions and regulatory requirements in the emerging space.
The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (FINMA) hope to develop new business opportunities for FinTech startups in Singapore and Switzerland expanding into each other’s markets. The platform is expected to reduce both regulatory boundaries and time-to-market pressures for new solutions.
The agreement will also cover data sharing between the the two countries, regarding emerging FinTech trends, as well as regulatory issues relating to innovation.
The cross-border deal was signed during the annual Financial Dialogue event, held jointly by the MAS and the Swiss State Secretariat for International Finance (SIF). In its second year, the conference aims to strengthen international cooperation and advance discussion around domestic and foreign financial markets, policy reform, and innovation.
The Dialogue featured key players from SIF, including Ambassador René Weber, head of its markets division, and many top level executives from FINMA and the Swiss National Bank. Jacqueline Loh, deputy managing director at MAS, was also in attendance, heading the Singaporean representation.
The new accord follows MAS’ recent move to establish a FinTech innovation lab, called Looking Glass. The project has been set up to explore new FinTech solutions and partnerships with leading domestic startups and vendors.
Earlier this year, the regulator also launched new plans, alongside KPMG, to override its current electronic payments system in Singapore with a radical new model. The strategy, known as the Singapore Payments Roadmap, seeks to roll out a safer, more coherent and more transparent payments system. The upgrade includes streamlining and strengthening regulatory frameworks, as well as adopting a new governance model for both consumer and business payments.