On March 8th, Singapore’s central bank – The Monetary Authority of Singapore (MAS), and Abu Dhabi’s Financial regulator – Abu Dhabi Global Market (ADGM) signed a cooperation agreement between countries to develop and nature Fintech innovations and entrepreneurs. Specifically, MAS and ADGM will discuss and establish a strategic framework to aid Fintech startups and innovators through the application and authorization process, as well as explore collaborative projects in technologies such as blockchain, distributed ledger technology, mobile payments, big data, and much more.
In my opinion, despite seeing many news stories about how financial regulations are slowing the development of fintech in the US, it is refreshing to see what other countries are doing to push forward new technologies in the financial market. Having such an agreement is the first step to encourage new entrepreneurs and innovators to invest in fintech, especially when this agreement is backed by Singapore’s central bank and Abu Dhabi’s financial regulator. Similar to international trade agreements, these fintech agreements will be one of the largest obstacles in using blockchain and distributed ledger technology across boarders. If more countries were to sign on to the same agreement, then fintech will flourish when the technology matures.
Source:
https://www.cryptocoinsnews.com/dubai-regulator-signs-fintech-pact-with-singapores-central-bank/