The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Authority FINMA have signed a cooperation agreement to promote cooperation in the field of financial technology (Fintech). The agreement makes it simpler for innovative Fintech companies in Switzerland and in Singapore to contact the authorities in order to make initial enquiries. This involves determining what type of authorization is actually required for the planned activities. This way, regulatory uncertainties can be quickly put right and time to market can be shortened. The arrangemen between MAS and FINMA will make it easier for Fintech companies from Singapore and Switzerland to expand into each others’ markets.
Clarification of the authorization requirement for Fintech companies mandatory
Anyone in the Fintech field who wants to be active in the financial market must make enquiries as to whether authorization from FINMA is required for the planned financial services. Initial information as to whether an activity is subject to the regulations in the financial markets can be found on the FINMA website at www.finma.ch.