Singapore, 25 May 2006...The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) with The Bank of Thailand (BOT), which regulates Thailand's banking sector on behalf of Thailand's Minister of Finance.
2 The MOU provides a formal basis for banking supervisory cooperation between the two authorities. It allows for supervisory cooperation between MAS and BOT in areas of information sharing and communication during the licensing process and ongoing supervision of banks operating under their respective supervisory responsibility.
3 The MOU was signed by Mr Heng Swee Keat, Managing Director, MAS, and M.R. Pridiyathorn Devakula, Governor, BOT, in Singapore.