Singapore, Philippines enter into fintech collaboration deal

The deal aims to promote cross-country cooperation in their respective fintech scenes.

The Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP) signed a FinTech Cooperation Agreement (CA) at the sidelines of Singapore’s Fintech Festival currently being held on November 13 to 17.

The deal was made in an effort to promote innovation in financial services for their respective markets.

With the cooperation agreement, relevant authorities will be able to share information on fintech trends and developments from their respective countries and even work on projects together.

These projects involve tapping on latest financial technologies like cross-border payments and know-your-client (KYC) processes.

“MAS and the BSP are like-minded in their focus on harnessing financial technology to reduce inefficiency and benefit individuals and businesses. 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,” said MAS managing director Ravi Menon.

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