MAS signs MOU to boost fintech ties between Singapore and 36 countries in Americas, Spain

The Monetary Authority of Singapore (MAS) building in Shenton Way.
The Monetary Authority of Singapore (MAS) building in Shenton Way. ST PHOTO: KUA CHEE SIONG

SINGAPORE - The Monetary Authority of Singapore (MAS) and the Association of Supervisors of Banks of the Americas (ASBA) signed a memorandum of understanding (MOU) on Friday (June 9) to bolster fintech ties between Singapore and the Americas.

The MOU provides a framework for fintech cooperation between Singapore and the 36 ASBA member countries. ASBA consists of public and private financial institutions in the United States, the Caribbean, Latin America and Spain.

Under the framework, both parties can explore potential joint innovation projects on technologies such as blockchain and big data, MAS and ASBA said in a joint statement on Friday (June 9).

They will also facilitate discussions on issues of mutual interest, such as emerging fintech trends and other issues on innovative financial services.

Said MAS chief fintech officer Sopnendu Mohanty: "Fintech is fundamentally about ideas and enterprise flowing between cities. It requires bringing together a range of stakeholders. This MOU embodies MAS' and ASBA's resolve in accelerating the growth of fintech in the respective regions, through increased collaboration and exchanges between our respective fintech ecosystems."

ASBA secretary-general Rudy Araujo said that "by uniting efforts with the MAS, we expect to support the development of a regulatory and supervisory framework that while supporting financial stability, nurtures innovation, and promotes market transparency and proper conduct".