It aims to promote a sustainable outsourcing relationship between fintech companies and financial institutions. It should help fintechs understand the minimum compliance requirements to operate safely in partnership with the banks. According to Singapore Business Review, the self-assessment toolkit will allow fintechs to identify the maturity of their control environment and compare against the minimum compliance requirements.
This initiative is part of the USD 125 million support package announced by the Monetary Authority of Singapore in April 2019 to help the financial and fintech sectors deal with the challenges brought by the COVID-19 pandemic.
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