It will allow cross-border referrals between the countries' fintech companies. The Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) signed a fintech cooperation agreement which lays out a framework for referrals between the two. According to a press release, the framework allows both regulators to refer fintech companies to their counterparts and outlines the support given to the companies to better understand the regulatory regime in each jurisdiction. The framework also sets out how MAS and KNF will explore joint innovation projects together and share information on emerging market trends and their impact on regulation. KNF chairman Marek Chrzanowski said, "This agreement between KNF and MAS will create opportunities for FinTech businesses from Poland and Singapore to expand their activities into Polish and Singaporean markets." The deal aims to promote cross-country cooperation in their respective fintech scenes. The Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) signed a FinTech Cooperation Agreement (CA) at the sidelines of Singapore's Fintech Festival currently being held on November 13 to 17. The deal was made in an effort to promote innovation in financial services for their respective markets. With the cooperation agreement, relevant authorities will be able to share information on fintech trends and developments from their respective countries and even work on projects together. These projects involve tapping on latest financialtechnologies like cross-border payments and know-your-client (KYC) processes. "MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses. This Cooperation Agreement between our two agencies provides a framework for promoting financial innovation not only in our countries but can also potentially contribute to broader efforts in ASEAN," said MAS managing director Ravi Menon.
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