The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) signed an arrangement to foster greater cooperation in fintech. The arrangement supports both authorities’ efforts to facilitate fintech development and innovation in their respective markets.
This arrangement is the CFTC’s second fintech cooperation arrangement with a non-US authority and its first with an authority in Asia. In February, the CFTC signed an agreement with UK regulator, the Financial Conduct Authority.
The agreement is focused on information sharing on fintech market trends and developments. This includes sharing insights derived from each authority’s relevant fintech sandbox, proofs of concept, and innovation competitions. It also facilitates referrals of fintech companies interested in entering the other’s market. This is expected to help fintech companies better understand and navigate the regulatory regime and capitalize on opportunities in each jurisdiction.