The Monetary Authority of Singapore (MAS) has signed an agreement with its Danish counterpart aimed at promoting the development of both countries’ fintech industries, the regulator said in a statement.
MAS said it signed the agreement with the Danish Financial Supervisory Authority (Danish FSA) during the Money 20/20 Europe conference in Copenhagen, in an effort to help fintech firms in Singapore and Denmark to operate in each other’s markets.
Sopnendu Mohanty, chief fintech officer at MAS, said the two countries are considered “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,” Mohanty said.
According to Thomas Brenøe, deputy director general of the Danish FSA, the agreement “will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow”.
This is the eighth agreement signed by the Singaporean regulator aimed at enhancing fintech collaboration with foreign jurisdictions.
MAS has signed similar agreements with France, Japan, the government of a Southeastern state in India, the Korean Financial Services Commission, the UK’s Financial Conduct Authority, Switzerland’s FINMA and the Association of Supervisors of Banks of the Americas.
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