The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) have signed an agreement that aims to develop and nurture innovations
The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) have signed an agreement that aims to develop and nurture innovations in the area of financial technology.
Richard Teng, the chief of Abu Dhabi’s financial services regulator, said in a statement quoted by cryptocoinnews.com:
“We are delighted to embark on this partnership with MAS, a leading global Fintech Hub, to advance innovation and the use of technology to promote growth in the financial sector and protect the best interests of investors in our jurisdictions.”
In this partnership, two regulators plan to establish a strategic framework to help start-ups and innovators with regulatory regimes in the respective countries. More specifically, they will be assisting them with application and authorization processes.
In addition, the two authorities will co-work on projects researching blockchain and distributed ledger technology (DTL), digital payments, big data and others.
“The Agreement will open up new avenues and create opportunities for FinTech firms in Singapore and Abu Dhabi looking to expand into each other’s markets.”, said MAS’ FinTech chief Sopnendu Mohanty.
Singapore has been known as an innovator in the field and one of the leading hubs for financial technology in the region.
In November last year, the Monetary Authority of Singapore (MAS) developed a blockchain inter-bank payments system.
“The simplification of processes that comes from having a single and coherent, distributed record of information makes Blockchain technology an attractive solution for the financial sector. MAS is engaging with the industry and working closely with our partners to explore innovative payment solutions.”, commented Mohanty as quoted by mas.gov.sg.
A month earlier Singapore signed a collaborative agreement with the Korean Financial Services Commission (KFSC) in South Korea – yet another Asian country that wants to cooperate with them over financial technology, as cryptocoinnews.com reported.