Fintech is currently one of the most developed industries in Singapore and may other countries look towards the achievements of the Monetary Authority of Singapore (MAS) when seeking to improve or create their own regulations, especially when it comes to virtual currency policies. This is how many countries, including Singapore, have signed fintech agreements which help them develop their ties with other states in relation to the financial technology industry. In November, Singapore and Poland signed such type of agreement. Our lawyers in Singapore can offer information on the regulations imposed by the MAS in the fintech sector.
The Monetary Authority of Singapore and the Financial Supervision Authority in Poland (KNF) have signed a fintech agreement at the beginning of November. The main aspect the new deal refers to is a better cooperation between fintech companies in Singapore and Poland which will find it easier to collaborate in joint projects. The MAS and the KNF will also offer their support to companies operating in the other country in order to help them understand the regulations imposed by each regulator.
According to the representatives of both countries, new opportunities will arise for both fintech companies in Singapore and Poland. These will be able to expand their activities on other markets, where joint projects will be developed.
Our law firm in Singapore can assist foreign investors who want to open fintech companies in the city-state.
Not only companies in both countries will have a good cooperation based on the new fintech agreement, but the MAS and the KNF also want to enhance cooperation in new innovation projects, share information on the latest trends in the industry and hopefully, they will have positive influences on each other’s regulatory frameworks.
The MAS has committed to help Polish fintech companies seeking to expand their operations in Singapore and serve their customers here. In return, the KNF will offer a supportive environment for Singapore fintech businesses.
For full information on the regulations imposed to foreign investors who open companies here, please contact our Singapore lawyers.
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