Singapore and Indonesia sign fintech agreement

FinTechRegulators in Singapore and Indonesia have vowed to collaborate on financial technology to help foster innovation. The Monetary Authority of Singapore signed the deal with the Financial Services Authority of the Republic of Indonesia, otherwise known as Otoritas Jasa Keuangan (OJK), on October 11 during a summit of the two countries’ leaders. “MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region,” said Ravi Menon, managing director of the Singapore authority. The two agencies said they would promote joint projects between their countries, establish a framework to help companies understand their respective regulatory regimes, and lower the barriers to entry for fintech companies in either market. Singapore and Indonesia are among several Asian countries hoping to assist the growth of domestic fintech industries. ©2018 funds global asia

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