Central Bank of Singapore and India’s IFSCA Pursue Cross-Border FinTech Innovation

New Delhi [India]September 19 (ANI): The Monetary Authority of Singapore (MAS) and the International Financial Services Center Authority (IFSCA) have signed a FinTech Cooperation Agreement to promote regulatory cooperation and partnerships in FinTech technology.

The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support innovation experimentation. This includes the introduction of companies to each other’s regulatory sandboxes, enabling innovative cross-border experimentation in both jurisdictions.

The agreement also allows the two organizations to assess the suitability of use cases that may benefit from cooperation across multiple jurisdictions and invite relevant jurisdictions to participate in the global regulatory sandbox.

In addition, information sharing will be an important aspect of the agreement.

The two sides will share non-supervisory information and developments on innovation in financial products and services, facilitate discussions on emerging fintech issues, and participate in joint innovation projects.

The deal was signed by Sopnendu Mohanty, Chief Fintech Officer of MAS and Joseph Joshy, Chief Technology Officer of IFSCA, and was signed by Deputy Prime Minister and Minister of Finance, Lawrence Wong, Deputy Chairman of MAS, and Gujarat State Treasurer. Minister was present. , Kanubhai Desai, Chairman of IFSCA, Injeti Srinivas, Chairman of GIFT Company Ltd., Sudhir Mankad, and Tapan Ray, Managing Director and Chief Executive Officer of GIFT Company Ltd.

“This cooperation agreement builds on the Memorandum of Understanding on Supervisory Cooperation signed between MAS and IFSCA in July 2022. Cross-border testing of use cases between Singapore and India will lead to a broader scope for FinTech. It will pave the way for us to operate a comprehensive cooperation framework, a use case involving multiple jurisdictions,” said MAS Mohanty Chief Fintech Officer.

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.

Welcoming the partnership with MAS, IFSCA Chief Technology Officer Joshy said: Regulatory Sandboxes. The potential for global collaboration on appropriate use cases through global regulatory sandboxes is an exciting opportunity for the FinTech ecosystem. Services and financial institutions of the International Financial Services Center of India.

GIFT-IFSC is India’s first International Financial Services Center (IFSC) located in Gujarat International Financial Tech City (GIFT City), Gandhinagar (Gujarat). (Ani) Central Bank of Singapore and India’s IFSCA Pursue Cross-Border FinTech Innovation

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