EU, Asia-Pacific to enhance cooperation in financial regulation

Financial regulators from European Union and the Asia-Pacific region gathered here Friday to discuss enhancing information exchange on key aspects of cross-border cooperation.

Monetary Authority of Singapore (MAS) Deputy Managing Director Ong Chong Tee, and Director General for Financial Services and Capital Markets Union (DG FISMA) Olivier Guersent, delivered opening and keynote remarks at the forum.

The delegates covered three topics, namely the cross-border implications of financial services regulatory frameworks; asset management and funds passporting; and opportunities in fintech.

"The forum serves as an important platform for greater communication between both regions. We are heartened to see fruitful dialogues taking place, and increased understanding and appreciation of each other's regulatory frameworks," said Lee Boon Ngiap, Assistant Managing Director of Capital Markets at MAS.

Ugo Bassi, Director of Financial Markets at DG FISMA of the European Commission, noted that Asia-Pacific region is an important partner of the EU.

He said improving mutual understanding between market regulators can only benefit economies, and enrich their contribution to the definition and enforcement of global regulatory standards. Endit