SINGAPORE, Nov. 15 (Xinhua) -- The Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) inked a cooperation agreement for Fintech on Wednesday at the second edition of Singapore FinTech Festival.
According to a press release from the MAS, the agreement lays out a framework for cooperation and referrals between the two regulators, which enables both sides to refer FinTech companies to their counterparts and outlines the support given to the companies to better understand the regulatory regime in each jurisdiction.
The framework also sets out how MAS and KNF plan to explore joint innovation projects together, as well as share information on emerging market trends and their impact on regulation.
Jacqueline Loh, MAS's deputy managing director, said this agreement signifies MAS and KNF's commitment to accelerate the growth of FinTech in respective regions, through collaboration and exchanges between both ecosystems.
KNF Chairman Marek Chrzanowski said mutual information sharing on financial innovations between KNF and MAS will enable both sides to better understand and monitor all technological changes in the financial market.