Abu Dhabi and Singapore sign up for fintech innovation
The signing
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a co-operation agreement to help fintech entrepreneurs and support innovation in financial services in Singapore and Abu Dhabi.
The agreement establishes a framework for both regulators to assist start-ups and innovators to understand the regulatory regime in each jurisdiction and provide support through the application and authorisation process.
Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, says Asia and the MENA regions have “immense growth potential and a large underserved financial sector”.
Both authorities will also look at projects that include digital and mobile payments, blockchain and distributed ledgers, big data, and APIs.
Respect our authorities
MAS and ADGM have shown plenty of ambition and activity.
Recent events include MAS supporting Insurance Australia Group with its plan to build an insurtech hub in Singapore; and MAS setting up a new Data Analytics Group to improve the financial sector and digital economy.
In 2016, MAS opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS; and signed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to foster more fintech co-operation.
Also last year, ADGM launched its Regulatory Laboratory to boost innovation in the region.
