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Singapore and Abu Dhabi in fintech cooperation agreement

Staff Writer |
Abu Dhabi and Singapore will come together to advance technology in the financial industry, thanks to a landmark deal.

The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) inked the new cooperation agreement, which aims to foster collaborative fintech development between the two respective countries.

Technological advancement is a primary focus of the partnership, which institutes joint projects to explore advancements in blockchain, API and digital payments, among other emerging technologies.

In addition to supporting innovation in the financial services market, the agreement aims to increase mutual regulatory transparency.

“(This agreement) marks another step towards strengthening links between regulators, and fostering synergies in promoting innovation and developing capabilities through international co-operation,” said Sopnendu Mohanty, fintech lead for MAS.

“The Agreement will open up new avenues and create opportunities for fintech firms in Singapore and Abu Dhabi looking to expand into each other’s markets.”

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