The Monetary Authority of Singapore (MAS) has signed a memorandum of understanding (MoU) with the National Bank of Cambodia (NBC) to facilitate fintech innovation.

The agreement will enable the two countries to share expertise, information on market trends and developments in fintech.

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It will also help MAS and NBC to address the regulatory issues associated with the sector and strengthen cooperation between them.

Additionally, the fintech collaboration agreement will enable the two authorities to conduct joint training sessions.

NBC deputy governorNeav Chanthana said: “The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MoU.

“This will also allow us to share experiences and information related to FinTech to better manage and reap the benefit from the new innovation in financial technology in order to enhance payment system and promote financial inclusion.”

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MASdeputy managing director Jacqueline Loh said: “This MoU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness fintech to create new opportunities that will benefit both individuals and businesses.

“This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”

Earlier, Singapore entered into several such partnerships to boost fintech ties with other countries.

In November last year, MAS signed an agreement with the Central Bank of Bahrain (CBB).

It has also signed fintech collaboration agreement with Indonesia and Dubai.