International Finance

Thailand, Singapore join hands on fintech

Update existing MoU on banking supervision

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

The FinTech CA which aims to help develop a richer financial ecosystem in Thailand and Singapore as well as in ASEAN, will facilitate the BOT and MAS to divide information on emerging market trends and their impact on regulations. They will also be referring FinTech companies to their peers.

BOT and MAS also simplified their MOU on Banking Supervision, which had been in place since 2006. The MOU is working to strengthen bilateral collaboration in safeguarding the flexibility of the Thailand and Singapore’s banking systems. The newly restructured MOU sets out intricate details about the two central banks’ commitment in developing greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management.

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