Financial regulators in Singapore and India have agreed to facilitate regulatory collaboration and partnership in financial technology. The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) said in a joint statement, the agreement will promote regulatory sandbox collaboration and the sharing of information. The agreement was signed in the Indian state of Gujarat, and witnessed by Singapore’s Deputy Prime Minister Lawrence Wong, who is currently on an official visit to India. Wong is also the finance minister and the deputy chairman of MAS. Under the agreement, MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. This includes referral of companies to each other’s regulatory sandboxes and enables innovative cross-border experiments in both jurisdictions.
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