Australia and Singapore FinTech Bridge Agreement to Grow Digital Finance

Australia and Singapore FinTech Bridge Agreement to Grow Digital Finance
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Business

Australia and Singapore FinTech Bridge Agreement to Grow Digital Finance

The Monetary Authority of Singapore (MAS) and the Australian Treasury have signed the Australia-Singapore FinTech Bridge Agreement.

04/08/2022

The Monetary Authority of Singapore (MAS) and the Australian Treasury have signed the Australia-Singapore FinTech Bridge Agreement, which the MAS characterizes as a tool to promote cooperation between the FinTech ecosystems of both nations.

Creating a FinTech Bridge

Two industry regulators will facilitate trade and investment in their respective sectors under the terms of the agreement. These regulators will also strengthen ties among industry groups, policymakers, and other regulators, with plans to develop FinTech companies in each other’s markets to create new opportunities and lower entry barriers.

The Bridge Agreement is likely to pave the way for joint innovation projects in other developing fields such as blockchain, sustainable finance, data portability, and cross-border data networking. The first stage in the cooperation, however, is to create a framework for bilateral collaboration and cooperative projects.

Australian CBDC Partnerships

According to Crypto News Australia, the agreement comes less than a month after the central banks of Australia, Malaysia, South Africa, Singapore, and the Bank for International settlements (BIS) announced plans to explore multi-CBDC platforms.

On March 25, BIS issued a study outlining the findings of two multi-CBDC platforms it had been working on, concluding that, while these platforms were technically viable, they posed governance, coordination, and jurisdictional issues. Opportunities exist, however additional research into the applications of these platforms is required.

By Elah Mae Ariate Wozinga Staff

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