Singapore and South Korea Boost Fintech Ties With New Partnership

Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term continues to win favour among governments worldwide, with Singapore and South Korea becoming the latest countries to pledge to jointly foster and lay the groundwork for deeper FinTech collaboration.

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On Monday, the Monetary Authority of Singapore (MAS) and the Korean Financial Services Commission (KFSC) inked a partnership to help fintech companies from their respective countries scale into each other's markets.

The agreement signed by both regulators provides a framework for cooperation in FinTech which will enable them to expedite initial discussions and receive advice on potential joint innovation projects on technologies such as big data and mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. MAS and KFSC will also discuss “issues of common interest, and share information on FinTech trends and how it may impact existing regulations.”

Sopnendu Mohanty, Chief FinTech Officer at the MAS, noted that Singapore's vibrant fintech ecosystem - reinforced by sound infrastructure and a growing talent pool - supports Korean FinTech companies looking to expand their businesses to neighbouring markets.

Hoon Choi, Director General of Banking and Insurance Bureau at KFSC pointed out that the agreement will enhance relationships between the two nations in innovations related to Fintech. He added that although his country is “a relative newcomer of FinTech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the Government’s FinTech policy.”

The agreement with KFSC is among many fintech cooperation agreements the MAS has signed with a partner country; other examples include the Regulatory Cooperation Agreement inked in June with the UK through its Financial Conduct Authority.