The Monetary Authority of Singapore (MAS) has entered a fintech co-operation agreement with Bangko Sentral ng Pilipinas (BSP) to facilitate fintech growth across the two markets.
Under the agreement, the two watchdogs will refer fintech firms to each other as well as share emerging trends related to fintech.
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The regulators will also explore joint fintech innovation projects related to distributed ledger technology, cross-border payments and know-your-client (KYC) processes.
Commenting on the alliance, MAS Ravi Menon managing director said: “This Cooperation Agreement between our two agencies provides a framework for promoting financial innovation not only in our countries but can also potentially contribute to broader efforts in ASEAN.”
BSP governor Nestor Espenilla Jr. added: “The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximise benefits of innovative technologies. This would ultimately pave the way for a more progressive, modern and inclusive financial system.”
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By GlobalData
