MAS, DFSA tie up for fin­tech pro­mo­tion

Banking Frontiers - - Banking In The Gulf -

The Mon­e­tary Au­thor­ity of Sin­ga­pore (MAS) and the Dubai Fi­nan­cial Ser­vices Au­thor­ity (DFSA) have signed an agree­ment pro­vid­ing for each party to re­fer fin­tech com­pa­nies to each other, as well as fa­cil­i­tate the shar­ing of in­for­ma­tion on in­no­va­tion in the fi­nan­cial sec­tor. Both the au­thor­i­ties have also agreed to work on joint projects on the ap­pli­ca­tion of key tech­nolo­gies. This in­cludes dig­i­tal and mo­bile pay­ments, blockchain and dis­trib­uted ledgers, big data and APIs. MAS and DFSA said in a joint state­ment that the agree­ment re­flects the com­mit­ment of both au­thor­i­ties to sup­port the de­vel­op­ment of fin­tech to de­liver new and en­hanced fi­nan­cial ser­vices as well as man­age risks bet­ter, re­duce costs and in­crease ef­fi­ciency. MAS had pre­vi­ously con­cluded a col­lab­o­ra­tion with the As­so­ci­a­tion of Su­per­vi­sors of Banks of the Americas (ASBA) to bol­ster fin­tech ties be­tween Sin­ga­pore and the Americas.

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