The Monetary Authority of Singapore (MAS) and the Asia-Pacific Future Financial Research Institute (AFF) have signed a fintech cooperation agreement, aiming to foster collaboration between business communities, academia, and other sectors from Singapore and China.

According to the MAS, the agreement, which was signed at a recent fintech roundtable co-organised by MAS and AFF, will promote academic exchanges, information sharing, and research co-operation on various financial technology initiatives. It seeks to involve financial institutions in both markets in leveraging technology to benefit consumers.

“Singapore and China have been longstanding partners on many fronts,” said Sopnendu Mohanty, chief fintech officer of MAS. “This agreement is another step towards closer collaboration between the fintech ecosystems of Singapore and China to benefit consumers and businesses. We look forward to greater knowledge exchange and deeper financial collaboration with the fintech community in China to nurture a more vibrant global fintech ecosystem in both countries.”

“The fintech era requires more international communication and cooperation,” added Du Yan, executive president of AFF. “Regulators from different jurisdictions need to promote innovation in financial services to enhance financial inclusion globally. Additionally, different institutes should share knowledge and cooperate on innovation. We would like to make joint efforts to construct a better financial eco-environment and promote responsible innovations.”