Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA)

Why is in news? MAS and IFSCA to Pursue Cross-border FinTech Innovations

• The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) 0n 18^th September, 2022 signed a FinTech Co-operation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech.
• The CA will promote the following: Regulatory Sandbox Collaboration - MAS and IFSCA will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations.
• Sharing of Information – MAS and IFSCA will share non-supervisory related information and developments on innovation in financial products and services, facilitate discussions on emerging FinTech issues and participate in joint innovation projects.
• Monetary Authority of Singapore (MAS): It is Singapore’s central bank and integrated financial regulator.
• As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector.
• MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
• International Financial Services Centre Authority: It is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres in India. It is housed in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar (Gujarat), GIFT-IFSC is the maiden International Financial Services Centre in India (IFSC).
• Established by the Government of India under the IFSCA Act 2019, IFSCA has laid down principle-based regulatory frameworks governing myriad of activities, such as banking, finance companies, capital markets, funds management, insurance, aircraft & ship leasing, etc., which have been globally benchmarked and designed to ensure ease of doing business.