MAS and India’s IFSCA push for new fintech innovations

MAS and IFSCA set to inspire new innovative services and products in the Indian and Singaporean market

The Monetary Authority of Singapore and the International Financial Services Centres Authority of India signed an agreement on 18 September to push for a regulatory collaboration and partnership in FinTech.

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The signing was witnessed by Prime Minister Lawrence Wong and finance minister of Gujarat Kanubhai Desai. They were joined by Sudhir Mankad, the chairman of GIFT Company; Injeti Srinivas, the chairperson of IFSCA; and Tapan Ray, the managing director and CEO of GIFT Company.

IFSCA is based in Gujarat International Finance Tec-City or GIFT City in Gandhinagar, Gujarat, India. The location is set to be a newly-built IT and business hub.

For the cooperation agreement, MAS and IFSCA are expected to take advantage of existing regulatory sandboxes in their countries to inspire more technological innovations.

According to MAS, “this includes referral of companies to each other’s regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.”

Both parties will also share non-supervisory related developments and information on various financial products and services, as well as participate in innovation projects, and push for discussions on current and emerging FinTech issues.

“The cross-border testing of use cases between Singapore and India will pave the way for operationalizing a broader collaboration framework for FinTech use cases involving multiple jurisdictions,” said Sopnendu Mohanty, chief fintech officer of MAS.

The move is also expected to become a bridge that would serve as a launch pad for different Indian FinTechs to make their way to the Singapore market, and vice versa.

“The possibility of global collaboration on suitable use cases through a Global Regulatory Sandbox is an exciting opportunity for the FinTech Ecosystem,” shared IFSCA chief technology officer, Joseph Joshy.

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