Thailand, Singapore Banks Sign FinTech Agreement

Announcements, FinTech, Investing, Regulation | July 13, 2017 By:

The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed an agreement to help develop a “richer financial ecosystem” in Thailand, Singapore, and in the ASEAN region.

The central banks and financial regulators of Thailand and Singapore signed a FinTech cooperation agreement and updated a memorandum of understanding (MoU) on banking supervision. The agreement was signed at their biennial BOT-MAS Bilateral Meeting.

The FinTech agrrement will enable the Bank of Thailand and the Monetary Authority of Singapore to share information on FinTech market trends and regulatory updates. It also signals the intent to use FinTech to improve cross-border capital flows.

The updated MoU, which had been in place since 2006, serves to strengthen bilateral collaboration in safeguarding the resilience of the two banking systems. The MoU sets out in greater detail the commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management.

“The MOU and the CA between MAS and BOT represent another important milestone in the development of the banking supervision and FinTech cooperation between our two central banks,” said BOT Governor Veerathai Santiprabhob. “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. Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region.”

“BOT and MAS are longstanding partners in promoting regional financial integration and supervisory cooperation,” said MAS managing director Ravi Menon. “We also share a common interest in promoting innovation and growing the FinTech ecosystem to better serve ASEAN markets. 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.”