The Monetary Authority of Singapore (MAS) and the Asia-Pacific Future Financial Research Institute (AFF) has agreed and signed a ‘FinTech Co-operation Agreement.’
The agreement aims to further promote academic exchanges, information sharing and research co-operation on fintech.
Furthermore, it seeks to create greater collaboration between business communities, academia and think tanks from the two countries.
Sopnendu Mohanty, chief fintech officer, MAS, said: “Singapore and China have been long standing partners on many fronts. This agreement is another step towards closer collaboration between the fintech ecosystems of Singapore and China to benefit consumers and businesses.
“We look forward to greater knowledge exchange and deeper financial collaboration with the fintech community in China to nurture a more vibrant global fintech ecosystem in both countries.”
Under the Agreement, both parties said they have made a commitment to facilitate greater cooperation among financial institutions in Singapore and China to leverage on fintech to benefit their consumers.
AFF is a think tank based in China that focuses on research relating to future financial evolution.
Du Yan, executive president, AFF, explained: “The FinTech era requires more international communication and cooperation. Regulators from different jurisdictions need to promote innovation in financial services to enhance financial inclusion globally.
“Additionally, different institutes should share knowledge and cooperate on innovation. We would like to make joint efforts to construct a better financial eco-environment and promote responsible innovations.”