The Monetary Authority of Singapore and the South Korean Financial Services Commission have signed an agreement to foster greater co-operation in financial technology.

The signing took place at the sidelines of the FinTech Demo Day organised by the Korean FinTech Centre. The MAS and KFSC will plan joint innovation projects to do with technological developments such as 'big data' and mobile payments. They will also discuss issues of common interest, and share information about fintech trends and the way fintech may affect existing regulations.