The Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL) have announced plans to boost compliance among the country’s FinTech firms.
The two organizations have unveiled plans to develop a new regulatory evaluation programme, according to a report by Crowdfund Insider. The initiative is set up to connect payment companies with legal service providers, giving entrepreneurs in the industry a chance to consult with legal experts who specialize in regulations and compliance procedures associated with the payments industry.
SAL’s chief operating officer Paul Neo noted that the rise of the country’s payment industry plays a central role in Singapore’s position as a hotbed for FinTech innovation. “We want to give our legal professionals the opportunity to showcase their expertise in the FinTech space,” Neo said.
Seven local and international legal service providers are will participate in the programme at the launch, according to the plans. The pilot programme will last for two months. If successful, the programme will be formally introduced in November this year.
There has been a lot of movement in the Singapore scene lately. The country announced at the end of August that it was looking to open up for new digital banks to come in and disrupt the banking sector.
At roughly the same time, the MAS launched a regulatory sandbox for FinTech innovation.
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