Bangkok has been emerging as the fintech entrepot into the large ASEAN marketplace and Thai banks have also been quickly expanding their financial technology focus.
Now the Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have 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.
Cross Border Innovations
The CA aims to help develop a richer financial ecosystem in Thailand and Singapore as well as in ASEAN, and will enable 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.
It signals a shared intent to explore jointly undertaking innovation projects, especially those with potential for cross-border applicability.
Crisis Management
BOT and MAS also updated their MOU on Banking Supervision, which had been in place since 2006.
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.
«Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region,» said Veerathai Santiprabhob, Governor, BOT.
