The Monetary Authority of Singapore (MAS) and the Danish Financial Supervisory Authority (Danish FSA) have inked an agreement to cooperate in the fintech space.

Under the agreement, the two parties will refer fintech firms looking to expand into each other’s markets as well as exchange information on emerging market trends and their regulatory impact.

At the same time, the watchdogs will also explore joint innovation projects.

MAS chief fintech officer Sopnendu Mohanty said: “Singapore and Denmark are important gateways to their surrounding regions. This cooperation agreement signifies the commitment of MAS and Danish FSA to promoting innovation in financial services and growing the FinTech landscape.”

Danish FSA deputy director general Thomas Brenoe added: “We are currently establishing a FinTech Lab to support the development of fintechs and provide assistance for these to set up business in Denmark. Financial innovation is not confined to national borders, and we are therefore delighted to enter into this agreement with MAS.”