According to a press release, the CA establishes a framework for both regulators to assist innovator businesses in understanding regulations and applying for authorisation.

Both the MAS and SC will also look towards creating joint innovation projects that use technologies such as blockchain and distributed ledgers.

MAS chief fintech officer Sopnendu Mohanty said, "I foresee it creating new opportunities for FinTech firms in Singapore and Malaysia looking to venture into each other’s markets. We look forward to greater knowledge exchange and deeper financial cooperation with SC to nurture a vibrant regional FinTech ecosystem in ASEAN."