Thailand ties the fintech knot with Singapore
The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed a fintech co-operation agreement and updated an existing memorandum of understanding (MoU) on banking supervision.
The agreement aims to help develop a “richer financial ecosystem” in Thailand and Singapore as well as in ASEAN. The pair will share information on emerging market trends and their impact on regulations, as well as refer fintech companies to their counterparts. “Importantly”, it signals a shared intent to explore innovation projects, especially those with potential for cross-border applicability.
Veerathai Santiprabhob, BOT’s governor, says: “In our present era characterised by volatility, complexity and technological innovations, I believe that strengthening co-operation among our institutions will play a key role in fostering regional financial stability and sustainable growth.”
In terms of the MoU update on banking supervision, which had been in place since 2006, this sets out in greater detail their commitment to the usual list – namely, fostering greater information exchange and co-operation in the areas of licensing, on-site examinations, supervisory colleges, and crisis management.
MAS is often signing deals with other regulators or banks.
In March, it inked agreements with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to enhance fintech co-operation between both countries.