The Monetary Authority of Singapore (MAS) and the Financial Services Authority (OJK) have renewed their commitment to collaboration in fintech by signing a MoU on Cooperation in Financial Technology.

This builds on the MoU signed in 2018 and expands cooperation to support technological innovation in the financial sector.

The renewed MoU aims to help financial institutions and fintech firms in both countries take advantage of developments such as digital financial assets and artificial intelligence, while contributing to the growth of ASEAN’s digital economy.

Under the MoU, MAS and OJK will share knowledge and best practices, promote cooperation between financial industries including engagement with industry bodies, refer promising fintech firms to participate in each other’s regulatory sandboxes, and facilitate the cross-border flow of information for fintech firms operating within their licensed scope, in line with applicable laws and regulations.

Leong Sing Chiong, Deputy Managing Director of MAS, said:

“The OJK and MAS have maintained a strong, longstanding bilateral partnership, and have also worked closely to advance regional financial cooperation over the years. We share the same commitment to fostering innovation, addressing barriers, and developing fintech ecosystems to better serve our markets and across ASEAN.”

Hasan Fawzi, Chief Executive of Financial Sector Technological Innovation, Digital Financial Asset and Crypto Asset Supervision, and member of the OJK Commissioner Board, said:

“Through joint pilots and knowledge-sharing in areas such as Regulatory Sandboxes, digital financial assets, the use of AI in financial services, and sustainable innovations, we aim to foster innovations, ensure consumer protection, support MSMEs and financial inclusion, and help catalyse sustainable growth through digital finance across Indonesia, Singapore, and the wider ASEAN region.”

Featured image credit: Edited by Fintech News Indonesia, based on image by leungchopan via Freepik

This article first appeared on Fintech News Singapore