Singapore and India Sign a Fintech Agreement to Foster Innovation

Singapore’s MAS and India’s IFSCA will collaborate on fintech regulation.

The pair will use existing regulatory sandboxes in their respective jurisdictions to test technology innovations. This includes referring companies to each other’s regulatory sandboxes to enable cross-border experiments.

Sopnendu Mohanty, Singapore’s chief fintech officer, said cross-border testing of use cases will pave the way for a broader collaboration framework for fintech use cases involving multiple jurisdictions.

Joseph Joshy, CTO of India’s authority for the development and regulation of financial products, IFSCA, said, “This agreement ushers in a fintech bridge to serve as a launch pad for Indian fintechs to Singapore and a landing pad for Singapore fintechs to India, leveraging regulatory sandboxes.”

The fintech ecosystem could benefit from global collaboration on use cases in a regulatory sandbox.

MAS and IFSCA will share non-supervisory innovation information and developments, facilitate discussions on emerging fintech issues, and participate in joint innovation projects.