Singapore is currently working towards improving the city-state’s position as a fintech hub in Southeast Asia which is why the Monetary Authority of Singapore (MAS) is seeking to cooperate with other countries in this field. Singapore’s most recent Memorandum of Understanding (MoU) on the fintech industry implies a cooperation with Denmark through which companies in both countries can enter the other market. If you are interested in opening a fintech business in the city-state, our lawyers in Singapore can explain the legislation applicable in this industry.
The Memorandum was signed by the Singapore Fintech Association and the Copenhagen FinTech on behalf of the Monetary Authority of Singapore and the Financial Supervisory Authority in Denmark.
The use of technology in the financial industry is important for both Singapore and Danish companies which will benefit from assistance when entering the Singapore market in the case of Danish companies, respectively the Danish market in the case of Singapore companies. The agreement also provides for a deeper cooperation related to innovation projects carried out by the two authorities.
Our law firm in Singapore can assist foreign investors who want to create fintech companies here.
Both Singapore and Denmark are small countries which put a great accent on offering state-of-the-art services to investors entering their markets, services which often include the use of innovative solutions. For Denmark and not only, Singapore is an entry point to the Asian markets, however Singapore companies can also use this agreement to expand their operations to Europe.
The MAS and the Danish Financial Supervisory Authority hope to regulate new services which will have blockchain and cryptocurrency at the core, especially if considering that Singapore is more advanced from this point of view.
When it comes to Singapore, the Fintech Association announced that it is currently working on similar agreements with other European countries.
For assistance in registering a company in the financial technology sector, please feel free to contact our Singapore lawyers.
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