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The Monetary Authority of Singapore (MAS) and eight members of the Canadian Securities Administrators (CSA) today signed a cooperation agreement to strengthen collaboration in FinTech between Singapore and CSA’s member jurisdictions. The members are the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
2 The agreement sets out the framework of collaboration between the CSA members and MAS. This includes setting up a referral and support mechanism to make it easier for FinTech firms to access each other’s markets. The CSA members and MAS have also committed to regularly exchange views and best practices on the regulatory sandbox, and share information on latest FinTech trends.
3 Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers, said, “This agreement with MAS will allow innovative businesses in Canada and Singapore access to new regulated markets. Flexible regulatory environments with appropriate investor protection measures are best-placed to support the rapidly growing FinTech industry.”
4 Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Singapore and Canada are no strangers to FinTech collaboration. MAS and The Bank of Canada had successfully collaborated on Project Ubin to explore cross-border payments transactions using blockchain technology. With this agreement, I look forward to seeing stronger ties and cooperation between Singapore and the eight member jurisdictions of the CSA, specifically in developing innovative solutions for the securities sector.”
5 The cooperation agreement exchange ceremony [1] took place at the Canadian Pavilion at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.
