International Financial Services Centres Authority (IFSCA) has signed a FinTech Co-operation Agreement (CA) with which of the following organisations to facilitate regulatory collaboration and partnership in FinTech to promote a Joint Regulatory Sandbox Collaboration that will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations?

Solution

Both India and Singapore have been pioneers in the FinTech sector. To fuel the next phase of FinTech growth, the Government of India is developing GIFT IFSC as the nerve centre of all FinTech activities. Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) have signed a FinTech Co-operation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech to promote a Joint Regulatory Sandbox Collaboration that will leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. The Agreement will enable FinTech firms from one jurisdiction to gain market access in the other jurisdiction through a regulatory referral system.