Blockchain in Singapore, Abu Dhabi Focus Of Joint Regulator Partnership
Blockchain advancement is set to quicken in Abu Dhabi and Singapore as regulators join forces to aid mutual research and understanding.
A new international partnership is set to foster the development of disruptive Fintech in Singapore and Abu Dhabi.
The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) signed the agreement on Wednesday, which also aims to provide reciprocal insight into the legislative landscape.
“The cooperation agreement establishes a strategic framework for both regulators to assist startups and innovators to better understand the regulatory regime in each jurisdiction and provide support through the application and authorization process,” local Singaporean news outlet The Business Times reports.
According to an accompanying press release: “Both authorities will also undertake and explore joint innovation projects on the application of key technologies including digital and mobile payments, Blockchain and distributed ledgers, big data, flexible platforms (API), and other new technologies.”
Both regions are positioning themselves as Blockchain hubs in 2017. While the United Arab Emirates’ second city Dubai continues researching government Blockchain implementation, Singapore will host a June conference during which major Asian banks will outline their Blockchain roadmaps.
“Asia and the MENA regions have immense growth potential and a large underserved financial sector,” ADGM CEO Richard Teng commented.
“We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in respective regions and anticipate the demands of the future.”