Singapore’s financial regulator has updated its memorandum of understanding (MoU) on banking supervision with Thailand’s central bank, and the two countries have signed a separate fintech agreement, according to the Monetary Authority of Singapore (MAS).
“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,” MAS said in a statement.
The MoU between MAS and Bank of Thailand was first signed in 2006.
Meanwhile, the two regulators also signed a fintech cooperation agreement, which enables the bodies to share information on emerging trends and their impact on regulations, while also referring the countries’ respective fintech firms to one another.
Ravi Menon, MD at MAS, said the two agreements “are complementary, and reflect our joint commitment to capture new opportunities in cross-border financial services while containing their risks”.
Veerathai Santiprabhob, governor of Bank of Thailand, said: “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.”
This is MAS’ ninth such bilateral fintech agreement to date. Singapore has also teamed up with Denmark, France, Japan, the government of a Southeastern state in India, the Korean Financial Services Commission, the UK’s Financial Conduct Authority, Switzerland’s FINMA and the Association of Supervisors of Banks of the Americas.
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