According to new reports coming out of the Monetary Authority of Singapore and the Association of Supervisors of Banks of the Americas, a new memorandum pushing forward FinTech ties between Singapore and the Americas (both North and South America) has recently been agreed upon and has the potential to transform the financial technology landscape of all partner nations.
This new agreement has been designed to establish more effortless and consistent sharing of information about the FinTech industry, one of the fastest growing industries on the planet and a major driver of economic growth around the world. Singapore has been trying to embrace as much of the financial technology world as possible, whereas North America (and to a slightly lesser degree, South America) have been helping to usher in the future of financial technology ever since its inception.
All members of this new agreement stand to benefit significantly from the sharing of information, technology, and major innovations that can be brought forth through collaboration.
Singapore and the Americas understand the importance of the financial technology industry
The FinTech industry (Financial Technology industry) is a relatively new industry, fully embracing everything that “Big Data” has to offer as far as analytics, measuring the world economy, and understanding new trends before they actually manifest themselves are concerned.
The FinTech industry is also a big proponent of new digital currencies like bit coin and the technology that makes these currencies possible, block chain, and all of the major members of this new memorandum have committed to invest in these kinds of technologies and share as much information about them as possible to bring everyone along into the future.
As leaders in the startup community, both Singapore and America stand to benefit significantly from these new FinTech ties
The startup community – both in Singapore and the US – has been a major driver of the FinTech industry, both in inventing new technology and leveraging the existing technology to create groundbreaking new solutions that have become industry standards.
Because Singapore and the US are such hotbeds for startup businesses, it should come as no surprise to anyone that these are the two major nations moving the FinTech industry forward. Silicon Valley hand Singapore have both been fundamental in the development of the FinTech industry, and this isn’t showing any signs of slowing down anytime soon.
This agreement is likely just the tip of the iceberg
At the end of the day, this agreement is understood to be a major building block in the foundation that will become considerable sharing and collaboration about the FinTech industry by all nations that have signed on the dotted line.
Many believe that the challenges of tomorrow – especially in the world of finance – are going to be global in nature rather than localized to any one particular country or part of the world. By sharing information and making sure that everyone is on a level playing field as far as FinTech is concerned we may be able to avoid major global economic meltdowns like the ones that grabbed hold of the global economy in 2008 from ever happening again in the future.
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