MONTREAL and Singapore, Nov. 12, 2019 /CNW Telbec/ – Members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Monetary Authority of Singapore (MAS). The members are the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
The agreement extends the work of the CSA Regulatory Sandbox Initiative and the MAS Fintech and Innovation Group. Notably, it includes a referral mechanism for innovative businesses, and will enhance and clearly define information-sharing between these jurisdictions.
“This agreement with MAS will allow innovative businesses in Canada and Singapore access to new regulated markets,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Flexible regulatory environments with appropriate investor protection measures are best-placed to support the rapidly growing fintech industry.”
“Singapore and Canada are no strangers in fintech collaboration. MAS and Bank of Canada had collaborated on a project to explore cross-border payments transactions on blockchain. This co-operation agreement will strengthen our co-operation between the 2 countries, specifically in developing innovative solutions for the securities sector,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.
The co-operation agreement exchange ceremony was held at the Canadian Pavilion at the Singapore FinTech Festival, which drew close to 50,000 people from around the world. The CSA was represented by Oumar Diallo, Director, Fintech and Innovation at the Autorité des marchés financiers, and H. Zach Masum, Manager, Legal Services at the British Columbia Securities Commission. MAS was represented by Jacqueline Loh, Deputy Managing Director (Markets & Development).
For certain CSA members, the agreement with MAS will come into effect once all governmental approvals have been obtained.