The US Commodity Futures Trading Commission (CFTS) and the Monetary Authority of Singapore (MAS) are the participants. They put a lot of efforts to deepen their cooperation in the fintech field. There are a lot of new startups, and the attention of the official bodies will help them massively. It will be most valuable when they enter the US or Singapore market.
Ravi Menon, managing director of the Monetary Authority of Singapore, said that they noticed an increased interest in fintech companies from the US in the Asian market. They are actively creating new opportunities for companies both from the US and Singapore. One of the most significant efforts is to help in creating innovative business models for the derivatives market.
Singapore cooperates with the US in fintech
The goal of the Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) is to share the fintech market developments and trends. Thus, each party will be able to share the insight benefited from the relevant fintech sandbox of both countries. What else can they share? Their insights all include proof of concept as well as the innovative competitions.
Moreover, both agencies will promote the referrals of the fintech companies which are going to enter the market.
The chairman of the US Commodity Futures Trading Commission J. Christopher Giancarlo told:
“By collaborating with MAS’ FinTech & Innovation Group, the CFTC, through LabCFTC, can continue to enhance global awareness of the critical role of regulators in 21st-century digital markets.”
In addition, Ravi Menon announced that the US Commodity Futures Trading Commission will participate in Singapore FinTech Festival 2018.