Singapore, Australia sign agreement to help fintech firms

SINGAPORE (Reuters) - Singaporean and Australian regulators signed an agreement to help financial technology firms in the two countries establish initial discussions in eachother’s market faster and receive advice on required licenses, the Monetary Authority of Singapore (MAS) said on Thursday.

This will help reduce regulatory uncertainty and time-to-market, the Singapore central bank said in a statement.

The agreement was signed between the MAS and the Australian Securities and Investments Commission.

Singapore has been bidding to position itself as one of Asia’s top locations for the technology startups that aim to compete with traditional banking and financial services.

Reporting By Aradhana Aravindan; Editing by Sam Holmes