Business

Thai, S'pore central banks sign fintech agreement

The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have agreed to work together to improve the financial system across Asean.

They signed a fintech cooperation agreement yesterday and updated an existing memorandum of understanding on banking supervision at a biennial bilateral meeting hosted by the MAS.

The MAS said the agreement lets the two institutions share information on emerging market trends and their impact on regulations, and to refer fintech firms to their counterparts.

The banking supervision agreement, which has been in place since 2006, has been updated to include greater detail of how the two central banks will foster greater information exchange and "cooperation in the areas of licensing, on-site examinations, supervisory colleges and crisis management".

BOT governor Veerathai Santiprabhob said the agreements are a milestone for the central banks.

MAS managing director Ravi Menon added that the two central banks are committed to "new opportunities in cross-border financial services while containing their risks". - THE STRAITS TIMES

Monetary Authority of Singaporethailandtechnology