Singapore Watchdog, World Bank Group Affiliate Join Forces On New Fintech Scheme

Josh O'Neill Assistant Editor 24 May 2017

Singapore Watchdog, World Bank Group Affiliate Join Forces On New Fintech Scheme

The two groups are hoping to spur financial technology innovation in the ASEAN region.

Singapore's central bank and regulator has inked a new deal with a member of World Bank Group in a bid to facilitate the broader adoption of financial technology in Southeast Asia. 

The Monetary Authority of Singapore and International Finance Corporation earlier this week signed a memorandum of cooperation, agreeing to collaborate on establishing and developing the ASEAN Financial Innovation Network.

The network aims to spur fintech innovation and enhance economic integration in the ASEAN region, or the Association of Southeast Asian Nations, which includes Singapore, Thailand and Indonesia, among other countries.

Through the new initiative, IFC and MAS plan to establish a regional network to support financial institutions. Fintechs and regulators address issues surrounding connectivity, compliance and cross-border compatibility. The network will also consider creating a so-called industry sandbox, which typically allow firms to test innovative services in an environment absent of regulatory burden. 

“We believe that innovation and digital technology can play a decisive role in enhancing financial access for a wider population,” said Sopnendu Mohanty, chief fintech officer at MAS. 

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