Singapore Watchdog, Abu Dhabi Financial Hub Strike Alliance Fostering Fintech

Josh O'Neill

9 March 2017

Singapore's financial regulator has shaken hands with an Abu Dhabi financial hub on an agreement that seeks to foster fintech growth in both markets.

The this week signed a cooperation agreement to facilitate closer collaboration between the two bodies on initiatives relating to fintech and innovation in the financial services sector.

The understanding establishes a framework that enables both regulators to assist start-ups and innovators in understanding the regulatory regime in each jurisdiction. Eligible firms will be able to draw on the relevant regulator for support and advice.

The MAS and ADGM will also jointly explore technologies such as blockchain, big data, and digital and mobile payments.

The agreement was signed by Sopnendu Mohanty, chief fintech officer at the MAS, and Richard Teng, chief executive of ADGM's regulatory division.

The arrangement between the MAS and ADGM is the latest link in a chain of collaborative ventures that regulators and financial institutions continue to embark on.

Last month, ADGM signed a memorandum of understanding with Jordan's central bank in a bid to boost regulatory cooperation.