The Monetary Authority of Singapore and Indonesia's Financial Services Authority agreed to strengthen cooperation in the financial technology sector and promote innovation in financial services.

The regulators signed a memorandum of understanding under which they would exchange information on emerging fintech market trends and developments and promote joint innovation projects between the two countries, according to an Oct. 11 release.

The regulators will also set up a framework to help fintech companies better understand the regulatory regime and opportunities in each jurisdiction and help fintech companies eyeing to enter each other's market.