Two banks in Singapore and Lithuania have a forged a partnership in order to develop a FinTech ecosystems and encourage greater financial innovation in the two countries.
The Monetary Authority of Singapore (MAS) and the Bank of Lithuania formally signed the FinTech Co-operation Agreement on the sidelines of the Money 20/20 Asia conference in Singapore recently.
Based on the agreement signed by the two countries, the two regulators have the authority to find joint innovation projects and share information on emerging market trends.
On the same agreement, it also allows FinTech companies to seek the help of the respective regulators to better understand the regulatory regime in each country.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said the agreement is very significant because it allows both countries to tap on each other’s resources to expand into new markets.
Marius Jurgilas, Member of the Board of the Bank of Lithuania, said Lithuania is very happy with the deal since it is their dream for the country to establish itself as a gateway to Europe for non-European financial companies has been already acknowledged by investors from all around the world.