The Monetary Authority of Singapore (MAS) and the International Financial Services Centre Authority (IFSCA) have exchanged a memorandum of understanding (MOU) on July 29.
The MOU, which was signed in the presence of Indian prime minister Narendra Modi at India’s GIFT City, provides a framework for supervisory cooperation between the two authorities in relation to financial services including stock exchanges and technical cooperation.
The MOU will pave the way for mutual assistance and the facilitation of the exchange of information between the authorities, to strengthen the supervision of cross-border operations of the exchanges and compliance by the exchanges with the applicable laws and regulations.
Injeti Srinivas, chairperson of the IFSCA said that India and Singapore have shared a longstanding strategic economic and financial relationship. This MOU between IFSCA and MAS will further strengthen and foster supervisory cooperation, exchange of information and sharing of best practices in key emerging areas of mutual interest between the authorities.
Ravi Menon, MAS’s managing director says, “This MOU not only paves the way for deeper collaboration between IFSCA and MAS, but will also facilitate greater partnership between financial institutions in India and in Singapore. There is scope for greater markets connectivity between India and Singapore and this MOU will facilitate exploring opportunities.”
