The Monetary Authority of Singapore and the Securities Commission of Malaysia have signed a co-operative agreement to foster closer co-operation between their countries on the subject of financial technology and innovation in financial services.

The two regulators share similar objectives when it comes to the development of FinTech ecosystems. The agreement lays out a strategy by which both regulators can help IT start-ups to understand each others' regulations and to support them through the application and authorisation process. Joint projects to do with blockchain technology and distributed ledgers are in the offing.