The Monetary Authority of Singapore (MAS) has signed a fintech cooperation agreement (CA) with the Autoriti Monetari Brunei Darussalam (AMBD) to facilitate fintech cooperation between Brunei Darussalam and Singapore.
The agreement was signed by AMBD managing director Yang Mulia Yusof bin Hj Abd and MAS deputy managing director Jacqueline Loh.
Besides boosting information sharing between the two countries, the agreement is expected to encourage joint innovation projects.
It will also help to provide a basic framework to the monetary authorities in assisting the fintech companies to comply with the applicable regulations in both the jurisdictions.
Both the authorities also agreed to collaborate to improve retail payment ecosystem between Brunei Darussalam and Singapore.
They will work under the cooperation framework to ensure mutual benefits to businesses and consumers of both the countries.
Last week, MAS partnered with the Economic Development Board (EDB), Infocomm Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to accelerate artificial intelligence (AI) technology adoption in the country’s financial sector.
MAS is responsible to encourage sustained and non-inflationary economic growth in the country by using monetary instruments and macroeconomic surveillance and analysis.
It is responsible to manage official foreign reserves, liquidity in the banking sector and Singapore’s exchange rate.