Eight Canadian regulators sign cooperation agreement with Singapore

The Monetary Authority of Singapore (MAS) and eight members of the Canadian Securities Administrators (CSA) have formed a cooperation agreement.

This deal aims to improve FinTech collaborations between Singapore and the CSA’s member jurisdictions.

The securities regulator authorities to join the agreement are based in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.

One of the projects detailed in the deal is the creation of a referral and support mechanism to make it easier for FinTech firms to access each other’s markets. Additionally, the bodies have agreed to share views and best practices on the regulatory sandbox.

MAS chief FinTech officer Sopnendu Mohanty said, “Singapore and Canada are no strangers to FinTech collaboration. MAS and The Bank of Canada had successfully collaborated on Project Ubin to explore cross-border payments transactions using blockchain technology.

“With this agreement, I look forward to seeing stronger ties and cooperation between Singapore and the eight member jurisdictions of the CSA, specifically in developing innovative solutions for the securities sector.”

Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers, said, “This agreement with MAS will allow innovative businesses in Canada and Singapore access to new regulated markets. Flexible regulatory environments with appropriate investor protection measures are best-placed to support the rapidly growing FinTech industry.”

Earlier in the week, MAS revealed a new framework which is designed to help the adoption of AI and data analytics within the financial industry.

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