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July 13, 2017

Singapore and Thailand regulators cooperate on fintech

The Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT) have inked an agreement to collaborate in the fintech space.

Under the agreement, the two regulators will exchange information on emerging market trends and their regulatory impact.

The agreement will also allow the watchdogs to refer fintech firms to each other’s markets, and explore joint innovation projects.

MAS managing director Ravi Menon said: “BOT and MAS are longstanding partners in promoting regional financial integration and supervisory cooperation. We also share a common interest in promoting innovation and growing the FinTech ecosystem to better serve ASEAN markets.”

BOT governor Veerathai Santiprabhob added: “Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region.”

In addition, MAS and BOT also updated a memorandum of understanding (MOU) on banking supervision, which was originally signed by them in 2006.

The MoU aims to improve collaboration in protecting the resilience of banking systems in the two jurisdictions, with the updated version putting in greater detail the regulators’ commitment to data sharing in licensing, on-site examinations, supervisory colleges, and crisis management.

MAS has signed similar fintech agreements with other regulators in the recent times, the latest being that signed with the Danish Financial Supervisory Authority.

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