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Regulatory authorities in Denmark and Singapore have announced a cooperation agreement to boost financial technology innovation in both countries.
The Monetary Authority of Singapore (MAS) has partnered with the Danish Financial Supervisory Authority (Danish FSA) to help fintech companies enter each other’s markets. Under the agreement, the regulators will eliminate barriers to entry in a new jurisdiction and will share information about financial innovations in Singapore and Denmark.
The deal was signed at the Money 20/20 Europe conference in Copenhagen on Wednesday. In March 2018, Singapore will hold the inaugural Money 20/20 Asia conference.
“Singapore and Denmark are important gateways to their surrounding regions,” said Sopnendu Mohanty, Chief FinTech Officer at MAS. “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.”
According to Thomas Brenøe, Danish FSA’s Deputy Director General, the organization is aimed at fueling innovation in the financial services industry. It is going to open a new FinTech Lab in Denmark to help fintech startups launch their businesses in the country.
“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,” Brenøe said.
Brian Mikkelsen, Danish Minister of Industry, Business and Financial Affairs , commented: “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.”
MAS already signed similar fintech cooperation agreements with a number of countries over the last few months, including China, United Kingdom, Australia and South Korea. The organization has partnered with China’s Shanghai Municipal Financial Services Office (SFSO), the Australian Securities and Investments Commission (ASIC), the Korean Financial Services Commission (KFSC), the Swiss Financial Market Supervisory Authority (FINMA), the Association of Supervisors of Banks of the Americas (ASBA), International Finance Corporation, and others.
Last month, Mas unveiled plans to host the second Singapore FinTech Festival, following its success last year. The inaugural event attracted more than 13,000 participants from around 60 countries. The attendees of this year’s festival, will include venture capitalists, investors, fintech players, academics, and policy makers, among others. The event will be held in Singapore from 13 to 17 of November 2017.