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Bank of Thailand, Monetary Authority of Singapore ink fintech agreement

The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed a FinTech Cooperation Agreement (CA) and updated an existing Memorandum of Understanding (MOU) on Banking Supervision.

The two documents were signed at the side of the biennial BOT-MAS Bilateral Meeting, hosted by the MAS this year.

According to the official release, the FinTech CA aims to help develop a richer financial ecosystem in the two countries as well as in ASEAN. It will enable the regulators to share information on emerging market trends and their impact on regulations, as well as refer fintech companies to their counterparts. The effort suggests a shared intent to explore jointly undertaking innovation projects, particularly those with potential for cross-border applicability.

In addition, the monetary authorities have also updated their MOU on Banking Supervision, which had been in place since 2006. The MOU serves to strengthen bilateral collaboration in safeguarding the resilience of the two countries’ banking systems. The updated MOU sets out in greater detail the two central banks’ commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management.

“The MOU and the CA between MAS and BOT represent another important milestone in the development of the banking supervision and FinTech cooperation between our two central banks. In our present era characterised by volatility, complexity and technological innovations, I believe that strengthening cooperation among our institutions will play a key role in fostering regional financial stability and sustainable growth. Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region”, Veerathai Santiprabhob, Governor, BOT, said.

Ravi Menon, Managing Director, MAS, said that the BOT and the MAS are longstanding partners in regional financial integration and supervisory cooperation, with a common interest in promoting fintech innovation.

“The CA and the MOU are complementary, and reflect our joint commitment to capture new opportunities in cross-border financial services while containing their risks”, he added.

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