Abu Dhabi, Singapore to Promote Fintech Innovation
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed an agreement to assist fintech entrepreneurs and support financial services innovation in Singapore and Abu Dhabi, according to Paybefore sister publication Banking Technology.
The agreement establishes a framework for both regulators to guide startups and innovators through the regulatory regime in each jurisdiction and provide support through the application and authorization process. Both authorities also will look at projects that include digital and mobile payments, blockchain and distributed ledgers, big data and APIs.
Asia and the MENA (Middle East-North Africa) regions have “immense growth potential and a large underserved financial sector,” said Richard Teng, CEO, ADGM’s financial services regulatory authority.
MAS and ADGM have shown plenty of ambition and activity. Recent events include MAS supporting Insurance Australia Group with its plan to build an insurance technology hub in Singapore and MAS setting up a new data analytics group to improve the financial sector and digital economy.
In 2016, MAS opened its fintech innovation lab, known as Looking Glass @ MAS, and signed an agreement with the Swiss Financial Market Supervisory Authority to foster more fintech cooperation. Also last year, ADGM launched its Regulatory Laboratory to boost innovation in the region.