On Thursday, the Monetary Authority of Singapore (MAS) announced it signed a fintech co-operation agreement with the Danish Financial Supervisory Authority (Danish FSA) to help fintech companies in Singapore and Denmark to expand into each other’s markets. The agreement was signed at the Money 20/20 European conference in Copenhagen.
According to the MAS, the agreement will enable both regulators to refer fintech companies their counterparts. Sopnendu Mohanty, Chief Fintech Officer, MAS, stated:
“Singapore and Denmark are important gateways to their surrounding regions. 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.”
Thomas Brenøe, Deputy Director General, Danish FSA, also revealed:
“The FSA is committed to encourage innovation in the financial sector. 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 we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow.”
Brian Mikkelsen, Danish Minister of Industry, Business and Financial Affairs added:
“I am very happy that Denmark and Singapore have been able to join forces in this agreement. I am sure that this will help many fintech companies and create an even better growth environment for these companies in both Singapore and Denmark.”