The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have signed an agreement to bolster fintech ties between the two jurisdictions.
Under the agreement, the two regulators will support fintech firms in each other’s markets in gaining better insight on their regulatory regime.
The agreement will also enable the watchdogs to explore joint innovation projects as well as exchange information on emerging market trends.
Commenting on the alliance, MAS chief fintech officer Sopnendu Mohanty said: “The agreement with Bank of Lithuania helps companies in both countries tap on each other’s resources to expand into new markets.”
Bank of Lithuania member of the board Marius Jurgilas added: “The agreement with MAS will strengthen the ties between Lithuania and Singapore in the field of FinTech, supporting the growth of Lithuanian and Singaporean FinTech companies.”
MAS has inked fintech agreements with several other regulators in the recent times, the most recent being the one signed with the Central Bank of Egypt.