Singapore, India’s fintech regulators signed cross-border sandbox agreement

The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA), two financial regulators in Singapore and India, have joined forces to promote FinTech partnerships in both nations.

Following the agreement, companies from Singapore that have previously entered the regulatory sandbox of MAS may be sent to the sandbox of IFSCA to test their use cases in India. The city-state would also allow Indian startups to test their services.

The two agencies will also collaborate on initiatives, exchange non-supervisional information on financial innovation, and start critical conversations.

“The cross-border testing of use cases between Singapore and India will pave the way for operationalizing a broader collaboration framework for FinTech use cases involving multiple jurisdictions,” said Sopnendu Mohanty, chief FinTech officer of MAS.

The Financial Services Industry Transformation Map for 2025, released by MAS earlier this month, aspires to establish Singapore as a major financial hub in Asia. Up to 4,000 new jobs are expected to be added to the financial services sector year and the sector is expected to increase by 5% annually through 2025.