The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) have signed an agreement to improve fintech ties between the two markets.

Under the agreement, the two regulators will refer fintech firms to each other to understand each other’s regulatory regime.

The agreement will also allow the watchdogs to explore joint innovation projects and exchange information on emerging fintech trends.

MAS chief fintech officer Sopnendu Mohanty said: “The fintech ecosystems in Singapore and Egypt have their unique set of opportunities, and this agreement signifies MAS’ and CBE’s commitment to accelerate the growth of fintech through collaboration and knowledge-sharing. We believe that this will create more opportunities for fintech firms between our countries.”

MAS has signed fintech agreements with several regulators in the recent times. The most recent of them are the ones signed with Abu Dhabi Global Market (ADGM) and the Bangko Sentral ng Pilipinas (BSP).