RoK, Singapore to step up cooperation in fintech sector
The Republic of Korea (RoK) and Singapore have agreed to enhance cooperation in the financial technology (fintech) sector, according to the RoK’s Financial Services Commission (FSC).
Hanoi (VNA) - TheRepublic of Korea (RoK) and Singapore have agreed to enhance cooperation in thefinancial technology (fintech) sector, according to the RoK’s FinancialServices Commission (FSC).
The agreement was reached between the FSC and the Monetary Authority ofSingapore (MAS) during Korean President Moon Jae-in’s visit to the SoutheastAsian country last week, the FSC said in a statement.
Under theagreement, Singapore will help RoK fintech firms make inroads into thecountry's market.
The agreement will also make it easier for Singaporean fintech companies to dobusinesses in the RoK.
The RoK and Singapore willalso provide greater support to fintech companies in Singapore and the RoK tohelp them better understand the regulations in each jurisdiction, according tothe joint statement.
This will reduce the time needed for companies to expand to the other market,it said.
President MoonJae-in visited Singapore from July 11-13, where he reaffirmed efforts tosignificantly improve his country’s relations with Singapore and other membersof the Association of Southeast Asian Nations (ASEAN).
The RoK and Singapore alsoagreed to further boost bilateral trade and conclude the prolonged negotiationsfor a regional free trade agreement, known as the Regional ComprehensiveEconomic Partnership (RCEP), before the year-end.-VNA
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RoK President Moon Jae-in (Source: Xinhua) 
