Financial regulators in Singapore and Switzerland have signed a fintech co-operation agreement, pledging help and support to startups entering each jurisdiction.
The agreement between the Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (Finma) is the latest in a series of bilateral treaties between domestic regulatory bodies aimed at supporting the international fintech community.
The two authorities say the agreement will help to create opportunities for fintech businesses from Singapore and Switzerland to expand into each other’s markets. Finma and MAS have also committed to share information about emerging fintech trends and regulatory issues pertaining to innovation.
Singapore, which last month opened a fintech innovation lab, has already signed similar deals with regulators in Australia and the UK. Finma too has been ramping up its support for the local startup community, creating a ‘Fintech Desk’ as a single point of contact for fintech startups and dedicated support through the authorisation process.