Singapore and South Korea sign up for fintech co-operation
The Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) have signed an agreement to foster more co-operation in the fintech space.
Under the agreement, MAS and KFSC will explore potential joint innovation projects on technologies such as big data and mobile payments.
MAS and KFSC will also discuss issues of common interest, and share information on fintech trends and how it may impact existing regulations.
Hoon Choi, director general of banking and insurance bureau, KFSC, says South Korea is a “relative newcomer” to fintech, but is growing at a “rapid pace” due to the IT and online financial infrastructure, under its government’s fintech policy.
The fintech pours out of me
The latest deal follows on from MAS’s recent partnership with the Swiss Financial Market Supervisory Authority (FINMA) to foster more fintech co-operation.
MAS is also working with five polytechnics in Singapore to get students up to speed for fintech jobs of the future; it opened a purpose-built fintech innovation lab – known as Looking Glass @ MAS; and it released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council.
