The Monetary Authority of Singapore (MAS) partnered the Danish Financial Supervisory Authority (Danish FSA) to help fintech companies in Singapore and Denmark expand into each other's markets.
MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.
"This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the fintech landscape. We look forward to closer interactions between our respective fintech ecosystems and more opportunities for our businesses to grow, expand and serve customers in each other's markets," said Sopnendu Mohanty, Chief FinTech Officer, MAS.
Thomas Brenøe, Deputy Director General, Danish FSA, added: "We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and ...this agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow."
This is not the first fintech co-operation agreement MAS signed with another central bank. In April, MAS has done so with the Autorite de controle Prudentiel er de Resolution (ACPR) and Autorite des Marches Financiers (AMF) to strengthen the fintech ties between Singapore and France. A month before that, the Singapore central bank announced fintech-related partnerships with the Financial Services Agency (FSA) of Japan and the Abu Dhabi Global Market (ADGM).
Sign up for CIO Asia eNewsletters.