Business

S'pore, Malaysia sign fintech deal


The Monetary Authority of Singapore (MAS) and Securities Commission Malaysia (SC) have signed an agreement to foster closer cooperation on financial technology (fintech) and innovation in financial services.

It establishes a framework for both regulators to assist innovative businesses to better understand the regulatory regime in each jurisdiction and provide support through the application and authorisation processes.

The regulators will also consider participating in joint innovation projects related to technologies such as blockchain and distributed ledgers.

The agreement was just one of several fintech-related developments that took place here yesterday. Among them were the launch of a training programme for young professionals, and the naming of finalists for a coveted "Hackcelerator" programme.

The MAS announced the 20 finalists of its 2017 Global FinTech Hackcelerator, which included three start-ups from Singapore.

It had published in May a catalogue of 100 "problem statements" gathered from the financial industry. The problem statements described problems or issues related to finance which could potentially be solved by technology. The MAS received 580 submissions from over 40 countries.

The finalists will now undergo a 12-week programme, during which they will work with corporate leaders, investors and regulators to convert their proposals into market-ready solutions in time for the Singapore FinTech Festival in November.

They will then present a prototype of their solutions.

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