Fintech cooperation agreement signed by Singapore and Switzerland

13 September 2016

In a move to bring international relations in the financial technology field to a higher level the two countries Singapore and Switzerland entered the bilateral agreement to allow new emerging fintech players incorporate their businesses in the two countries. Monetary Authority of Singapore  and Swiss Financial Market Supervisory Authority signed the agreement for partnership in the fintech plane.

Under the new partnership in a series of previous cooperative treaties is aimed to generate new possibilities for the startup companies in the fintech industry from both nations to spread their presence and influence to the both markets. The two regulators decided to exchange data with each other on the coming trends in the sector along with the legislative problems facing the financial innovations.

It is another agreement in a row of Financial Dialogues between the two nations. The second Financial Dialogue for Singaporean regulator and the Secretariat for International Finance was held by Ambassador Rene Weber, Head of the Markets Division in SIF with the representatives from the Swiss Financial Market Supervisory Authority and other agencies.

In late August Singapore unveiled its plans to create single code of practice to regulate the payment industry with the establishment of the national council for governing the payment processing.

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