MAS, Danish counterpart ink agreement to help fintech companies expand into each other's markets

The Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore (MAS). PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) have signed a fintech co-operation agreement which aims to help fintech companies in Singapore and Denmark to expand into each other's markets.

The agreement will enable both regulators to refer fintech companies to their counterparts. MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

The agreement was signed on Wednesday (June 28) at the sidelines of the Money 20/20 Europe conference in Copenhagen. Singapore will host the inaugural Money 20/20 Asia conference in March next year.

Sopnendu Mohanty, MAS chief fintech officer, said: "Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the fintech landscape. We look forward to closer interactions between our respective fintech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other's markets."

Thomas Brenøe, the Danish FSA's Deputy Director General said the authority is currently establishing a fintech lab to support the development of fintechs and provide assistance for these to set up business in Denmark.

"This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow," he said.