IFSCA alongwith Monetary Authority of Singapore (MAS) have entered into a FinTech Cooperation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech.
The CA will promote the following:
Regulatory Sandbox Collaboration – MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations..
Sharing of Information – MAS and IFSCA will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects
CA will aid:
As Landing-Pad for FinTechs from Singapore to India
For Regulatory Hand-Holding by both the regulators
For Joint Sandbox Testing for Cross-border Uses Cases between India and Singapore
The International Financial Services Centres Authority (IFSCA) has been established to regulate and develop financial services in the International Financial Services Centres (IFSCs) located in India.
