The fintech industry continues to grow and evolve. Forging strategic partnerships is an important part of this approach. Indonesia and Singapore strengthening their ties in the fintech industry. This new cooperation is pretty significant for the industry as a whole.
This new partnership between the Monetary Authority of Singapore and the Financial Services Authority of the Republic of Indonesia is a pretty big deal. Both entities acknowledge financial innovation is the only way forward to strengthen domestic economies. Collaboration is the best approach in this regard, a sit leads to new innovation and an exchange of ideas.
Another Strategic Fintech Partnership is Forged
The current goal of this partnership is to facilitate information sharing. This pertains to fintech market trends and developments, as well as promoting joint innovation projects between both countries. Authorities in both regions will establish a framework to help fintech companies better understand the regulatory regime and opportunities in both countries moving forward.
MAS Managing Director Ravi Menon adds:
“Singapore and Indonesia have vibrant FinTech sectors, and MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region. This MOU presents a good opportunity to strengthen cross-border efforts to promote the FinTech ecosystem in ASEAN.”
Any development lowering the barriers of entry for fintech companies is a positive development. Companies in Singapore can now enter Indonesia and vice versa without having to deal with too much proverbial red tape. In the long run, this can lead to many innovative ventures and positive solutions for both consumers and corporations alike.