BOT, MAS enter fin-tech pact
Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) signed a FinTech Cooperation Agreement (CA) and updated an existing memorandum of understanding (MoU) on Banking Supervision on Tuesday.
The two documents were signed at the side of the biennial BOT-MAS Bilateral Meeting, hosted by the MAS this year.
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.
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, BOT governor Veerathai Santiprabhob said.
