Fintech ties in Asia have received a boost. The Monetary Authority of Singapore (MAS) and Indonesian financial regulator Otoritas Jasa Keuangan (OJK) have inked a MOU. It states they will cooperate in the fintech space.

Under the agreement, the regulators have agreed to set up a framework to support fintech firms. Moreover, they hope to gain insight on the regulatory regime in both markets. The aim is also to reduce entry barriers for fintech firms planning to move into each other’s jurisdiction.

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OJK chairman Wimboh Santoso said: “We look forward to fostering a closer collaboration with MAS to support the development of FinTech and innovative financial services across the two jurisdictions.”

The agreement will also encourage information exchange on emerging fintech trends between the regulators, along with joint innovation projects.

MAS managing director Ravi Menon said: “Singapore and Indonesia have vibrant FinTech sectors, and MAS and OJK share a common interest in promoting innovation in financial services to enhance financial inclusion within the region.

“This MOU presents a good opportunity to strengthen cross-border efforts to promote the FinTech ecosystem in ASEAN.”

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MAS has signed similar agreements with various regulators across the globe in the recent times. Earlier this year, the watchdog signed fintech agreements with several authorities. These included Dubai Financial Services Authority, India’s Department of Economic Affairs, Autoriti Monetari Brunei Darussalam, and also the State Bank of Viet Nam.