The Monetary Authority of Singapore (MAS) and the Bangko Sentral ng Pilipinas (BSP) have inked a co-operation agreement to strengthen fintech ties between the two markets.
Under the agreement, the regulators will refer fintech firms to each other as well as exchange emerging fintech trends.
The watchdogs will also explore joint fintech projects related to distributed ledger technology, cross-border payments and know-your-client (KYC) processes.
MAS managing director Ravi Menon 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 maximize benefits of innovative technologies. This would ultimately pave the way for a more progressive, modern and inclusive financial system.”