MAS, DFSA tie up for fintech promotion
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.