US and Singapore regulators sign FinTech agreement
Written by Peter Walker
The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) have signed an arrangement to foster greater cooperation in FinTech.
This supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets and is the CFTC’s second FinTech cooperation arrangement with a non-US authority.
It includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of concept and innovation competitions. The arrangement also facilitates referrals of FinTech companies interested in entering the other’s market, helping companies better understand and navigate the regulatory regime and capitalise on opportunities in each jurisdiction.
CFTC chairman J. Christopher Giancarlo stated: “The arrangement we signed expands the opportunity for the CFTC to build upon our strong relationship with the MAS and enhance communication with innovators in Asia.”
Ravi Menon, managing director at MAS, said he has seen increasing interest from FinTech firms in the US to expand to Asia. “Through this cooperation arrangement, we hope to create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market.”