US Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Arrangement to Cooperate on FinTech Innovation
Singapore, 13 September 2018… The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) today signed an arrangement to foster greater cooperation in FinTech. The arrangement supports both authorities’ efforts to facilitate FinTech development and innovation in their respective markets. This arrangement is the CFTC’s second FinTech cooperation arrangement with a non-US authority and its first with an authority in Asia.
The Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) focuses on information sharing on FinTech market trends and developments. This includes sharing insights derived from each authority’s relevant FinTech sandbox, proofs of concept, and innovation competitions. The FinTech Arrangement also facilitates referrals of FinTech companies interested in entering the other’s market. This will help FinTech companies better understand and navigate the regulatory regime and capitalize on opportunities in each jurisdiction.
“I am delighted to join Ravi Menon in signing this arrangement to demonstrate our mutual commitment to facilitate market-enhancing innovation and share best practices in FinTech engagement,” said CFTC Chairman J. Christopher Giancarlo. “I have long admired Ravi and MAS’ leadership in facilitating FinTech innovation and development in Singapore and thinking about how FinTech can be applied to make financial markets more effective in supporting economic growth. By collaborating with MAS’ FinTech & Innovation Group, the CFTC, through LabCFTC, can continue to enhance global awareness of the critical role of regulators in 21st century digital markets. The arrangement we signed today expands the opportunity for the CFTC to build upon our strong relationship with the MAS and enhance communication with innovators in Asia. We are further looking forward to having LabCFTC participate at the Singapore FinTech Festival 2018.”
Ravi Menon, Managing Director, MAS, said, “The CFTC is a highly reputed and progressive regulator, with whom MAS has had a close working relationship. This arrangement is a significant step forward in our joint commitment to grow the FinTech landscape. We have seen increasing interest from FinTech firms in the US to expand to Asia. Through this cooperation arrangement, we hope to create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market. I am also delighted that CFTC will participate in the Singapore FinTech Festival 2018, and contribute to the discussions on applied technologies in capital markets.”
About the Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
About the US Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is the U.S. federal agency that oversees the commodity futures, options, and swaps industry. Its mission is to foster open, transparent, competitive, and financially sound markets. By working to avoid systemic risk, the CFTC aims to protect market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act.