United Kingdom

Central Bank of Singapore, IFSCA of India to Pursue Fintech Innovations

They will share non-supervisory information and developments in innovation in financial products.

New Delhi:

The Monetary Authority of Singapore (MAS) and the International Financial Services Centers Authority (IFSCA) have signed a FinTech collaboration agreement to facilitate regulatory cooperation and partnership in FinTech technology.

The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation with technological innovations. It will include referring companies to each other’s regulatory sandboxes and enable innovative cross-border experimentation in both jurisdictions.

The agreement also allows both organizations to evaluate the suitability of use cases that could benefit from cross-jurisdictional collaboration, and to invite relevant jurisdictions to participate in a Global Regulatory Sandbox.

Furthermore, the sharing of information will be an important aspect of the agreement.

The two will share non-supervisory information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.

The agreement was signed by MAS Chief FinTech Officer, Sopnendu Mohanty, and IFSCA Chief Technology Officer, Joseph Joshy, and was attended by Deputy Prime Minister and Minister of Finance, and Vice-President of MAS, Lawrence Wong, and Minister of Finance. Finance of Gujarat, Kanubhai Desai, Chairman of IFSCA, Injeti Srinivas, Chairman of GIFT Company Ltd., Sudhir Mankad, and Managing Director and Chief Executive Officer of GIFT Company Ltd., Tapan Ray.

“This cooperation agreement builds on the Memorandum of Understanding on Supervisory Cooperation signed between MAS and IFSCA in July 2022. Cross-border use case testing between Singapore and India will pave the way for the operationalization of a broader framework of cooperation for FinTech use cases involving multiple jurisdictions,” said Chief FinTech Officer of MAS Mohanty.

The Monetary Authority of Singapore (MAS) is the central bank and integrated financial supervisor of Singapore.

Welcoming the partnership with MAS, Chief Technology Officer of IFSCA Joshy said: “This agreement is a turning point that heralds a FinTech bridge to serve as a launch pad for Indian FinTechs to Singapore and a landing pad for Singapore FinTechs to India, leveraging the Regulatory Sandboxes. The opportunity for global collaboration on appropriate use cases through a Global Regulatory Sandbox is a great opportunity for the FinTech ecosystem.”

The International Financial Services Centers Authority (IFSCA) is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centers in India.

GIFT-IFSC, housed in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar (Gujarat), is the first International Financial Services Center in India (IFSC).

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