RoK President Moon Jae-in (Source: Xinhua)
 
Hanoi (VNA) - The Republic of Korea (RoK) and Singapore have agreed to enhance cooperation in the financial technology (fintech) sector, according to the RoK’s Financial Services Commission (FSC).

The agreement was reached between the FSC and the Monetary Authority of Singapore (MAS) during Korean President Moon Jae-in’s visit to the Southeast Asian country last week, the FSC said in a statement. 

Under the agreement, Singapore will help RoK fintech firms make inroads into the country's market. 

The agreement will also make it easier for Singaporean fintech companies to do businesses in the RoK.

The RoK and Singapore will also provide greater support to fintech companies in Singapore and the RoK to help them better understand the regulations in each jurisdiction, according to the joint statement.
 
This will reduce the time needed for companies to expand to the other market, it said. 

President Moon Jae-in visited Singapore from July 11-13, where he reaffirmed efforts to significantly improve his country’s relations with Singapore and other members of the Association of Southeast Asian Nations (ASEAN).

The RoK and Singapore also agreed to further boost bilateral trade and conclude the prolonged negotiations for a regional free trade agreement, known as the Regional Comprehensive Economic Partnership (RCEP), before the year-end.-VNA