Singapore and Switzerland unite for FinTech cooperation

Singapore and Switzerland are teaming up to boost their respective fintech sectors.

The agreement between the Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (Finma) will see the two bodies help to create opportunities for fintech businesses to expand in each other’s markets.

The two will also exchange information around emerging trends in the sector and regulatory issues holding back growth.

Finma says it is already taking actions to reduce the regulatory friction for fintech startups.

Both the regions have a wealth of history in the traditional finance space and this is in turn providing pools of talent for fintech companies.

MAS already holds similar deals with the UK and Australia while Finma has created a “FinTech Desk” to provide a single point of contact for fintech startups during authorisation processes.

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