New Australia-Singapore link gives fintech innovation a lift
Singapore and Australia have agreed to aid innovation by allowing their fintech companies to open talks with potential customers in each other's countries, but companies should educate themselves on new technology before talking to fintechs, warned experts.
The Monetary Authority of Singapore (MAS) has signed an agreement with the Australian Securities and Investments Commission (ASIC) that will support their respective fintech companies in establishing footholds in each nation. The Innovation Functions Cooperation Agreement, signed on June 16, will enable fintechs in each country to open dialogues in the other and receive advice, which will remove regulatory uncertainty and time to market, MAS said.
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