To improve regulatory collaboration and engagement in FinTech, the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) inked a FinTech Cooperation Agreement (CA). It was signed by Sopnendu Mohanty, MAS’s Chief FinTech Officer, and Joseph Joshy, IFSCA’s Chief Technology Officer.
“This CA builds on the Memorandum of Understanding on Supervisory Co-operation signed between MAS and IFSCA in July 2022. The cross-border testing of use cases between Singapore and India will pave the way for operationalising a broader collaboration framework for FinTech use cases involving multiple jurisdictions,” says Sopnendu Mohanty, Chief FinTech Officer of MAS.
The CA will encourage the Regulatory Sandbox Collaboration and Sharing of Information.
MAS and IFSCA will utilise existing regulatory sandboxes in their respective countries to facilitate the testing of technological advancements. This includes companies being referred to each other’s regulatory sandboxes and enables innovative cross-border trials in both jurisdictions.
In addition, the CA will permit MAS and IFSCA to assess the feasibility of use cases that potentially benefit from collaboration across many jurisdictions and ask eligible governments to participate in a Global Regulatory Sandbox.
MAS and IFSCA will share information and advancements on innovation in financial products and services that are unrelated to supervision, encourage conversations on emerging FinTech concerns, and participate in joint innovation projects.
The agreement is a turning point that marks the start of a FinTech Bridge that will use Regulatory Sandboxes to serve as a launch pad for Indian FinTechs to go to Singapore and a landing pad for Singapore FinTechs to go to India.
A Global Regulatory Sandbox gives the FinTech Ecosystem an exciting chance to work with people all over the world on good use cases.
Under the IFSCA Act 2019, the Government of India set up the IFSCA as a single body in charge of developing and regulating financial products, financial services, and financial institutions in the International Financial Services Centres in India.
Moreover, OpenGov Asia earlier reported that MAS and Bank Indonesia (BI) announced the start of the development of a cross-border QR payment linkage between Indonesia and Singapore as part of the ASEAN-wide payments connectivity effort.
This payment connectivity would allow consumers and organisations, particularly micro, small, and medium-sized enterprises (MSMEs), to conduct cross-border trade, e-commerce, and financial activities more efficiently.
Meanwhile, all travel agent licenses will be given out electronically through the Travel Agents and Tourist Guides Licensing System (TRUST), this was announced by the Singapore Tourism Board (STB) as part of the STB’s plan to go digital and make things easier.
With the change, travel agents should get their licenses faster, and the time it takes to get a new license or renew an old one should be cut in half. Through the TRUST portal, they will also be able to get to their license online. With electronic issuance, travel agents can easily download and print the license so they can put it on display.
The license has been redesigned to include a QR code so that the public can check the license’s authenticity right away and to make the license’s expiration date stand out more.
Travel agents should know that licenses that were given out before 15 September 2022, are still good until the end of the license period, which is 31 December 2023, or earlier if that date comes sooner. The switch to an electronic license only changes how the license looks and how it is delivered. Travel agents still must follow rules about how to show their licenses.
