Sign up | Log in



PR Today

Home >> Press Release

Singaporean and Australian regulators sign agreement to support innovative businesses

Sydney, 16 June 2016... The Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC) today signed an Innovation Functions Co-operation Agreement which aims to help innovative businesses in Singapore and Australia in their foray to the respective markets.

2 The agreement will enable innovative FinTech companies in Singapore and Australia to establish initial discussions in each other’s market faster and receive advice on required  licences, thus helping to reduce regulatory uncertainty and time to market.

3 Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “This agreement between the MAS and ASIC would create opportunities for FinTech businesses from Singapore and Australia to grow and expand into each other’s markets. Singapore has a vibrant FinTech
ecosystem, reinforced by sound infrastructure and a growing talent pool, to support companies intending to use Singapore as a gateway to other markets in Asia. MAS is also looking forward to partner ASIC in joint innovation projects on the application of key

technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (API).”

4 Greg Medcraft, Chairman, ASIC, said: “We recognised that innovation in financial services isn’t confined by national borders. ASIC is committed to encouraging innovation that has the potential to benefit financial consumers and investors. Since ASIC launched its
Innovation Hub last year, we have seen a surge in requests by FinTech start-ups seeking assistance about how to navigate the regulatory requirements. In particular we have dealt with robo or digital advice, crowd sourced equity funding, payments, marketplace lending and blockchain business models. It is very exciting to observe and clearly some business ideas will want to scale up internationally. We believe this agreement with the MAS will help break down barriers to entry both here and in Singapore.”

5 To qualify for the support offered by the agreement, businesses will need to meet the eligibility criteria of their home regulator. Once referred by the regulator, and ahead of   applying for licence to operate in the new market, a dedicated team or contact person will
help them to understand the regulatory framework in the market they wish to join, and how it applies to them.

6 ASIC and MAS have also committed to exploring joint innovation projects together, and to share information on emerging market trends and their impact on regulation.

Monetary Authority of Singapore Notes to editors

1. MAS Financial Technology & Innovation Group

2. ASIC Innovation Hub

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           June 17, 2016 Subsribe Now !
• ASEAN, China to formulate environmental cooperation plan Subcribe: Asean Affairs Global Magazine
• Harmonisation of food standards to promote ASEAN trade
• Charoen Pokphand Indonesia pays bigger dividend
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Support is better than protection, government’s new economic policy 
‘Focus on financial management to get bank financing’ 
Asean Analysis                  June 10, 2016
• Asean Analysis June 10, 2016
Aung San Suu Kyi Sets Out to Find “Practical Solutions” in Rakhine State, and the World Should Help
Advertise Your Brand

Asean Stock Watch   June 16, 2016
• Asean Stock Watch-June 16, 2016
The Biweekly Update
• The Biweekly Update  June 10, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand