Two financial market superpowers are now working together in order to boost collaborative efforts on Fintech. One of these organisations is the Monetary Authority of Singapore, which is known as MAS for short, and the other is the Swiss Financial Market Supervisory Authority, which is known as Finma for short. The two organisations recently created a contract between them, which is all about Fintech cooperation. Today, we’d like to share information about this agreement and what it heralds for the future of fintech.
This agreement is a commitment to speeding up the first talks about bringing Fintech strategies to Singapore and Switzerland markets. It’s also about understanding regulations and requirements. MAS announced this new initiative recently and it’s designed to open up opportunities for Fintech firms from both countries, by allowing them to enter each other’s markets more easily. Sharing information and being on the same page will help both sides to work together well. It’s about building a solid foundation for future fintech business success.
The details of the agreement were hashed out during a meeting in Europe. A third organisation attended and offered leadership. As you can see, a lot of people are working together in order to ensure that the Singapore and Switzerland fintech industries get the support that they need in order to grow and prosper.
Bern Meeting Sparked Agreement
There was a meeting in Bern which allowed MAS representatives and people from the State Secretariat for International Finance to talk about the new spirit of cooperation between FINMA and MAS. This meeting focused on sharing opinions about international and domestic trends and policy facts for financial markets. During this meeting, the agreement between MAS and FINMA was formalised.
The leader of the State Secretariat for International Financial Matters was the one who oversaw the discussion about financial markets. MAS was represented by Jacqueline Loh, who works for MAS as a deputy managing director. Since many high-level fintech and finance market executives were in attendance, the meeting was definitely a great place for experts to collaborate.
What is Fintech, Anyway?
Fintech is a nickname for financial technology. When people use the term, “Fintech”, they are referring to a niche of industry which includes firms which utilise technology in order to streamline financial service access and delivery.
Fintech is a lucrative niche with tons of potential and it is definitely worth nurturing in Singapore and Switzerland. In particular, since Singapore is known for tech innovation and Switzerland is renowned for its financial services, this new initiative is a sensible one.
This Collaboration is Win-win
Opening up trade by sharing facts and opinions is one of the keys to building business relationships between countries. It’s win-win to foster strong relationships, as both sides will access more profits from fintech when they work together. It’s possible that this new collaboration will also benefit end-users of fintech products in Singapore, Switzerland and (potentially) worldwide. There are so many possibilities and this is why we recommend staying in the loop about fintech developments in both nations.