Singapore and Denmark signs FinTech agreement

MAS and Danish FSA signs FinTech agreement at Money 20/20 in Copenhagen.

The Monetary Authority of Singapore, MAS, and the Danish Financial Supervisory Authority, Danish FSA, signed a FinTech Co-operation Agreement which aims to help FinTech companies in Singapore and Denmark to expand into each other’s markets on Wednesday 28 June 2017.

The agreement will enable both regulators to refer FinTech companies to their counterparts. MAS and the Danish FSA have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

The agreement was signed at the sidelines of the Money 20/20 Europe conference in Copenhagen. Singapore will also host the inaugural Money 20/20 Asia conference in March next year.

“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,” said Brian Mikkelsen, Danish Minister of Industry, Business and Financial Affairs on the agreement.

Sophendu Mohanty, Chief FinTech Officer, MAS, said he looks forward to closer interactions between the respective FinTech ecosystems and to more opportunities for our businesses to grow.

“Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape,” said Mohanty.

Thomas Brenøe, Deputy Director General, Danish FSA, said that the FSA is committed to encourage innovation in the financial sector, and are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark.

“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.”

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