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S. Korea, Singapore Agree on Closer Cooperation in Fintech Sector

According to Yonhap News,

(SEOUL=Yonhap News) South Korea and Singapore have agreed to forge closer cooperation in the financial technology sector, officials said Monday.

The agreement was reached between South Korea's Financial Services Commission (FSC) and the Monetary Authority of Singapore (MAS) last week, the FSC said in a statement.

Under the agreement, Singapore will help South Korean fintech firms make inroads into the country's market, according to the statement.

Also, the agreement will make it easier for Singapore's fintech firms to do businesses in South Korea.

South Korea and Singapore "will also provide greater support to fintech companies in Singapore and Korea to help them better understand the regulations in each jurisdiction," the FSC and the MAS said in a joint statement.

"This will reduce the time needed for companies to expand to the other market," it said.

President Moon Jae-in visited Singapore last week, where he reaffirmed efforts to significantly improve South Korea's ties with Singapore and other members of the Association of Southeast Asian Nations.

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Source: Yonhap News (July 16, 2018)

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