Recently Copenhagen FinTech and Singapore Fintech Association signed a Memorandum of Understanding (MoU), with the purpose of strengthening the cooperation between the two countries’ Fintech-environments. Following the MoU is an agreement between the two countries supervisory authorities: The Danish Financial Supervisory Authority and Monetary Authority of Singapore (MAS).
The core elements of the agreement will make it easier for fintech-companies to expand their businesses between the two countries, and beyond that secure a collaboration between the two authorities on innovation projects. The CEO of Copenhagen FinTech Thomas Krogh Jensen welcomes this initiative from both regulatory sides.
Denmark’s ambassador in Singapore, Dorte Bech Vizard emphasises that there are similarities between the two countries, which makes the agreement even more valuable. “We are both small countries, that have strong traditions for a constructive cooperation between authorities and companies. It is among other things that fact, which have enabled both countries to grow such incredible dynamic fintech-environments. To strengthen the bridge between these environments, and from the authorities’ side I am certain it will create new opportunities for fintech companies in both countries, because the bridge can be used as an entry point for access to new markets.
One of those, who expect to benefit from the new agreement is Søren Hæstrup, who is currently working on establishing his company Global Yield Fintech in Singapore.
“The increased collaboration will give an entry point into Asia, and the regulatory cooperation between the two financial authorities lays a better framework for both countries in regards of developing and regulating new services based on technologies such as blockchain and “crypto currencies”. Singapore is further ahead on this area than Denmark, which means the cooperation, will allow the Danish Financial Supervisory Authority to draw upon the experiences of MAS, when they start regulating these new areas.”
Thomas Krogh Jensen sees great potential in collaboration between cities with fintech-ambitions, and Copenhagen FinTech already has several MoUs with various cities around the world in the pipeline.
“One thing that distinguishes the fintech-world is that successes are created in communities and through collaboration. We already have a MoU in place with our sister-organisation Singapore Fintech Association, and we are currently working on a couple of similar agreements in Europe and North America, that will ensure cooperation and exchanges of ideas. The fact, that we are able to engage the Supervisory Authorities in the bridge building is very welcome,” Is Thomas Krogh Jensen’s closing statement.
Thomas Krogh Jensen
CEO, Copenhagen Fintech
+45 2060 1548