Singapore and South Korea ink fintech agreement

Countries enter deal to jointly develop financial technology and promote cooperation among firms and agencies

Insurance News

By Gabriel Olano

Singapore and South Korea, two Asian economic giants, have pledged to jointly develop fintech with an agreement signed by the financial regulators of both countries – the Monetary Authority of Singapore (MAS) and the Financial Services Commission (FSC).
The deal aims to help fintech companies from both countries to scale into each other’s markets. It provides a framework for cooperation that enables the countries to fast-track initial discussions, as well as further explore potential joint innovation projects regarding various technologies for the financial sector, such as big data and mobile payments.
Sopnendu Mohanty, Chief Fintech Officer of the MAS, said: “This agreement lays the groundwork for deeper fintech collaboration between Singapore and South Korea. Singapore’s vibrant fintech ecosystem, sound infrastructure, and growing talent pool make it a natural choice for Korean fintech companies looking to expand their businesses to neighboring markets.”
Meanwhile, Hoon Choi, director-general of the FSC’s Banking and Insurance Bureau, said: “This agreement is an important step forward in enhancing the financial relationship between Korea and Singapore. Although Korea is a relative newcomer of fintech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the Government’s fintech policy.”

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