Singapore and Indonesia’s financial regulators plan to collaborate to support growth and innovation in the financial technology sector, such as through joint pilot projects and sharing of knowledge on artificial intelligence.
The Monetary Authority of Singapore (MAS) and Indonesia’s Financial Services Authority have signed a memorandum of understanding to share knowledge and best practices, refer promising fintech firms to participate in each other’s regulatory sandboxes, and to promote cooperation and engagement with their industry bodies.
The two regulators have maintained a “strong, longstanding bilateral partnership, and have also worked closely to advance regional financial cooperation over the years”, according to Leong Sing Chiong, deputy managing director of MAS.
The pact “marks a significant step forward in modernising our fintech collaboration to pursue joint innovative initiatives and support economic growth in both countries”, he says in a statement on November 10.
For the Financial Services Authority, it underscores a “commitment to responsible innovation” according to Hasan Fawzi, chief executive of financial sector technological innovation, digital financial asset and crypto asset supervision at the Indonesian regulator.
“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 [micro, small and medium enterprises] and financial inclusion, and help catalyse sustainable growth through digital finance,” he says.
