The Bank of Thailand and the Monetary Authority of Singapore on Tuesday signed a FinTech Cooperation Agreement and updated a Memorandum of Understanding on Banking Supervision, according to their joint statement.
The two documents were signed on the sidelines of the biennial “BOT-MAS Bilateral Meeting”, hosted on this occasion by MAS in Singapore.
The FinTech Cooperation Agreement aims to help develop a richer financial ecosystem in Thailand and Singapore, as well as in Asean.
It enables the BOT and MAS to share information on emerging-market trends and their impact on regulations, as well as refer financial-technology companies to their counterparts. Importantly, it signals a shared intent to explore jointly undertaking innovation projects, especially those with potential for cross-border applicability, the statement said.
The BOT and MAS also updated their Memorandum of Understanding (MoU) on Banking Supervision, which has been in place since 2006 and 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.