The Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) have today signed a ‘cooperation agreement’ in a bid to work closer together on new fintech projects.
The signing took place at the sidelines of a special fintech demo event organised by the Korean FinTech Centre, MAS said in a statement on its website.
The agreement provides a framework for cooperation in fintech between Singapore and South Korea. Under the agreement, MAS and KFSC will explore “potential joint innovation projects” on technologies such as big data and mobile payments. MAS and KFSC will also discuss issues of common interest, and share information on fintech trends and how it may impact existing regulations.
Sopnendu Mohanty, chief fintech officer at MAS, said: “This agreement lays the groundwork for deeper fintech collaboration between Singapore and South Korea. Singapore’s vibrant fintech ecosystem, sound infrastructure, and growing talent pool make it a natural choice for Korean fintech companies looking to expand their businesses to neighbouring markets.”
Hoon Choi, director general of banking and insurance bureau, KFSC, said: “This agreement is an important step forward in enhancing the financial relationship between Korea and Singapore. Although Korea is a relative newcomer of fintech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the government’s fintech policy.
“We hope that the agreement serves as a stepping stone for fintech firms from both Korea and Singapore alike to expand their business globally,” he said.