Banking News

Singapore and Thailand tie up for fintech

Singapore and Thailand tie up for fintech

(13 July 2017 – Asia) The respective central banks of Thailand and Singapore have announced a Fintech Cooperation Agreement to further develop and enhance the existing financial ecosystem in the ASEAN region.

The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) formalised the agreement during the sidelines of the biennial BOT-MAS meeting hosted by the Singapore central bank this year.

The agreement aims to “develop a richer financial ecosystem” in both countries and South-East Asia, an joint statement said. The central banks will also share information on new and emerging market trends in an era of micro-financing and digitization as well as their impact on traditional regulatory practices.

‘In our present era characterized 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,” said BOT governor Verrathai Santiprabhob.

The fintech agreement will also see both regulators refer financial startups from their countries to each other. Joint innovation projects will also be explored, particularly ‘those with potential for cross-border compatibility.’

MAS managing director Ravi Menon said, “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.”

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