Singapore and Denmark sign fintech cooperation agreement

The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) has signed a fintech cooperation agreement which aims to help fintech companies in Singapore and Denmark to expand into each other’s markets.

The agreement aims to help fintech companies in both countries expand into each other’s markets and also to provide facilitated introductions when a fintech company operating in one country wants a better understanding of the rules in the other country.

In addition, the cooperation agreement framework will enable regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in Singapore and Denmark.

Thomas Brenøe, Deputy Director General of the Danish FSA, welcomes the new agreement:

“The FSA is committed to encourage innovation in the financial sector. We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow.”