SINGAPORE - The Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC) have signed a cooperation agreement to foster closer cooperation on fintech and innovation in financial services between Singapore and Malaysia.

MAS said a media release on Friday (Sept 15) that the two regulators share similar objectives of developing robust fintech ecosystems that support the needs of the financial industry and promote innovation in their respective markets.

The agreement establishes a strategic framework for both regulators to assist innovator businesses to better understand the regulatory regime in each jurisdiction, and provide support through the application and authorisation process.

Both authorities will also undertake to consider participating in joint innovation projects that leverage technologies such as blockchain and distributed ledgers.

The agreement was signed by MAS chief fintech officer Sopnendu Mohanty and Mr Sopnendu Mohanty and SC's executive director for innovation, digital & strategy Chin Wei Min.

Said Mr Mohanty: "This agreement with SC marks another step towards strengthening cross-border efforts to promote innovation in our neighbouring jurisdictions. I foresee it creating new opportunities for fintech firms in Singapore and Malaysia looking to venture into each other's markets.

"We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASean."