Singapore and Switzerland sign FinTech pact

Regulators in Singapore and Switzerland have agreed to draw up a framework, share information and create opportunities in FinTech.

Regulators in Singapore and Switzerland have signed a cooperation agreement aimed at helping FinTech firms in the respective regions.

It will introduce a framework for FinTech companies in Singapore and Switzerland to build solutions and understand regulatory requirements. 

The Monetary Authority of Singapore (MAS) and Swiss Financial Market Supervisory Authority (FINMA) said the cooperation will enhance innovation in the financial services and improve competition in both countries.

The agreement was signed at the second financial dialogue – aimed at “deepening bilateral cooperation” - between the MAS and the State Secretariat for International Finance (SIF).

Both regulators will work on creating new business opportunities for FinTech companies looking to expand into each other’s markets.

Information on developing policies and emerging market trends will also be shared between the MAS and FINMA.