Aditya Hadi Pratama · · 1 min readSingapore, India fintech regulators sign cross-border sandbox agreement
Financial regulators in Singapore and India, the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA), have signed a cooperation agreement to push for fintech collaborations in both countries.
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After the agreement, Singapore startups that have already joined MAS’ regulatory sandbox may be referred to IFSCA’s sandbox to test their use cases in India. Likewise, Indian startups will be able to test their services in the city-state.
Both regulators will also share non-supervisory information regarding fintech innovation, start discussions on important issues, and participate in joint projects.
“The cross-border testing of use cases between Singapore and India will pave the way for operationalizing a broader collaboration framework for fintech use cases involving multiple jurisdictions,” said Sopnendu Mohanty, chief fintech officer of MAS.
Earlier this month, MAS rolled out its Financial Services Industry Transformation Map for 2025, which aims to position Singapore as an international financial center in Asia. It looks to grow the financial services sector by 5% per year until 2025 and create up to 4,000 new jobs in the industry every year.
See also: The key players in Singapore’s thriving fintech space
Editing by Miguel Cordon and Lorenzo Kyle Subido
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