Two banking regulators, the Financial Services Agency of Japan (JFSA) and the Monetary Authority of Singapore (MAS), have formalized a cooperation framework for fintech links between both countries. The framework enables the two regulators to refer fintech companies in their countries to each other’s markets. It also outlines how the referred companies can initiate discussions with the regulatory bodies in the respective jurisdictions and receive advice on their regulatory frameworks, such as required licenses. Shunsuke Shirakawa, vice-commissioner for international affairs, JFSA, said it strengthens the relationship between JFSA and MAS and promotes innovation in their respective markets. In 2016, MAS had opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS and signed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to foster more fintech cooperation.
