Bank of Thailand and Monetary Authority of Singapore sign FinTech Cooperation Agreement and Banking Supervision Memorandum of Understanding
Singapore, 11 July 2017… The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) today signed a FinTech Cooperation Agreement (CA) and updated an existing Memorandum of Understanding (MOU) on Banking Supervision. The two documents were signed at the side of the biennial BOT-MAS Bilateral Meeting. This year’s Bilateral Meeting was hosted by MAS.
2 The FinTech CA aims to help develop a richer financial ecosystem in Thailand and Singapore as well as in ASEAN. The CA enables the BOT and MAS to share information on emerging market trends and their impact on regulations, as well as refer FinTech companies to their counterparts. Importantly, it signals a shared intent to explore jointly undertaking innovation projects, especially those with potential for cross-border applicability.
3 BOT and MAS also updated their MOU on Banking Supervision, which had been in place since 2006. The MOU serves to strengthen bilateral collaboration in safeguarding the resilience of the two countries’ banking systems. 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.
4 Veerathai Santiprabhob, Governor, BOT, said, “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. 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. Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region.”
5 Ravi Menon, Managing Director, MAS, said, “BOT and MAS are longstanding partners in promoting regional financial integration and supervisory cooperation. 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.”