Fintech collaboration between Denmark and Singapore
09 August 2017
Research & education
Denmark and Singapore have signed a cooperation agreement that aims to build bridges to promote innovation in financial services and assist fintech companies in Singapore and Denmark to expand into each other’s markets.
It is the Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) that has signed the fintech cooperation agreement, and besides helping companies in both countries to expand into each other’s markets, it provides facilitated introductions when a fintech company operating in one country wants a better understanding of the rules in the other country.
The framework of the agreement will enable regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in both Singapore and Denmark.
"The FSA is committed to encourage innovation in the financial sector. We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS. This agreement will ensure cooperation between the Danish FSA and MAS and will foster opportunity for businesses in Denmark and Singapore to grow.”
- Thomas Brenøe | Deputy Director General of the Danish FSA
The collaboration is highly welcomed by the stakeholders and Denmarks as a strong Fintech hub is emphasized:
"Denmark offers a unique combination of a centrally located global hub of world-class innovation, a vibrant start-up ecosystem and most importantly an easy place to do business in. The heart and soul of this lies in a Fintech Lab, where Copenhagen Fintech has set up a unique co-working space - a home to banks and start-ups alike, where focus is on knowledge sharing and network building. The recently concluded fintech week saw over 1000 people visit this lab and take part in a series of carefully planned events,”
- Shanker Subramaniam | Country Manager, India and Singapore at Invest in Denmark
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