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MAS and the Danish Financial Supervisory Authority ink FinTech Agreement

Above photo: Mr. Sopnendu Mohanty, Chief FinTech Officer, MAS (left) and Mr. Thomas Brenøe, Deputy Director General, Danish FSA at the signing of the FinTech Agreement. Photo credit: Jon Hasling Kyed’s LinkedIn Page

The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) yesterday signed a FinTech Co-operation Agreement which aims to help FinTech companies in Singapore and Denmark to expand into each other’s markets.

The agreement will enable both regulators to refer FinTech companies to their counterparts. MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

The agreement was signed at the sidelines of the Money 20/20 Europe conference in Copenhagen. Singapore will also host the inaugural Money 20/20 Asia conference in March next year.

Mr. Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape. We look forward to closer interactions between our respective FinTech ecosystem and more opportunities for our businesses to grow, expand and serve customers in each other’s markets.”

“The FSA is committed to encourage innovation in the financial sector. We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow,” said Mr. Thomas Brenøe, Deputy Director General, Danish FSA.

Mr. Brian Mikkelsen, Danish Minister of Industry, Business and Financial Affairs added: “I am very happy that Denmark and Singapore have been able to join forces in this agreement. I am sure that this will help many FinTech companies and create an even better growth environment for these companies in both Singapore and Denmark.

In 2017, MAS has been very active in the area of FinTech-related developments – in late March, MAS entered into a Cooperation Agreement with Abu Dhabi Global Market to cooperate on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both countries. On May 23 2017, MAS signed a memorandum of cooperation with International Finance Corporation (IFC), a member of the World Bank Group to work together for establishing and developing the ASEAN Financial Innovation Network (AFIN). The network aims to facilitate broader adoption of financial technology (FinTech) innovation and development, and enhance economic integration within the ASEAN region. MAS is also organising the 2nd edition of the Singapore Fintech Festival later this year from November 13-17 2017. 

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