The Monetary Authority of Singapore (MAS) and the Bank of Lithuania have agreed to work together to support the development of the FinTech ecosystems and encourage greater financial innovation in the two countries. The FinTech Cooperation Agreement between the two countries was signed on the sidelines of the Money 20/20 Asia conference in Singapore.
The agreement will allow both regulators to explore joint innovation projects and share information on emerging market trends. It also enables FinTech companies to tap on the support of the respective regulators to better understand the regulatory regime in each country.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “MAS aims to foster a thriving FinTech hub and create opportunities for FinTech companies in Singapore. The agreement with Bank of Lithuania helps companies in both countries tap on each other’s resources to expand into new markets.”
Marius Jurgilas, Member of the Board of the Bank of Lithuania, said: “Lithuania’s ambition to establish itself as a gateway to Europe for non-European financial companies has been already acknowledged by investors from all around the world. The agreement with MAS will strengthen the ties between Lithuania and Singapore in the field of FinTech, supporting the growth of Lithuanian and Singaporean FinTech companies.”
Re-disseminated by The Asian Banker