Canadian Securities Regulators and MAS Strengthen Cooperation in FinTech
12 November 2019, Singapore… The Monetary Authority of Singapore (MAS) and eight members of the Canadian Securities Administrators (CSA) today signed a cooperation agreement to strengthen collaboration in FinTech between Singapore and CSA’s member jurisdictions. The members are the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
2 The agreement sets out the framework of collaboration between the CSA members and MAS. This includes setting up a referral and support mechanism to make it easier for FinTech firms to access each other’s markets. The CSA members and MAS have also committed to regularly exchange views and best practices on the regulatory sandbox, and share information on latest FinTech trends.
3 Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers, said, “This agreement with MAS will allow innovative businesses in Canada and Singapore access to new regulated markets. Flexible regulatory environments with appropriate investor protection measures are best-placed to support the rapidly growing FinTech industry.”
4 Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Singapore and Canada are no strangers to FinTech collaboration. MAS and The Bank of Canada had successfully collaborated on Project Ubin to explore cross-border payments transactions using blockchain technology. With this agreement, I look forward to seeing stronger ties and cooperation between Singapore and the eight member jurisdictions of the CSA, specifically in developing innovative solutions for the securities sector.”
5 The cooperation agreement exchange ceremonyFor certain CSA members, the agreement with MAS will come into effect once all governmental approvals have been obtained. took place at the Canadian Pavilion at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.
About the Canadian Securities Administrators
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. Among other initiatives, it has put in place the CSA Regulatory Sandbox to support fintech businesses seeking to offer innovative products, services and applications in Canada. The sandbox allows firms to register and/or obtain exemptive relief from securities laws requirements, under a faster and more flexible process than through a standard application, in order to test their products, services and applications throughout the Canadian market on a time limited basis.
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, 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 an 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 also 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.