The Monetary Authority of Singapore (MAS) and Australian Securities and Investments Commission (ASIC) have inked a pact to aide help fintech startups in both countries explore opportunities across markets.
The pact will enable fintech innovators in both the countries to establish initial discussions in each other’s market faster and receive advice on necessary licences.
MAS chief fintech officer Sopnendu Mohanty said: "This agreement between the MAS and ASIC would create opportunities for FinTech businesses from Singapore and Australia to grow and expand into each other’s markets.
"Singapore has a vibrant FinTech ecosystem, reinforced by sound infrastructure and a growing talent pool, to support companies intending to use Singapore as a gateway to other markets in Asia.
"MAS is also looking forward to partner ASIC in joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (API)."
ASIC chairman Greg Medcraft said: "We recognised that innovation in financial services isn’t confined by national borders. ASIC is committed to encouraging innovation that has the potential to benefit financial consumers and investors. We believe this agreement with the MAS will help break down barriers to entry both here and in Singapore."
Additionally, the two regulators have committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.
The new agreement follows a similar deal signed between ASIC and the UK’s Financial Conduct Authority (FCA) in March 2016.