The Monetary Authority of Singapore and the National Bank of Cambodia have signed a memorandum of understanding regarding FinTech innovation between the countries.
Under the MOU, the parties will share information on emerging market trends and developments in FinTech as well as cover regulatory issues related to innovation in financial services.
They are also planning to hold joint training sessions to encourage cross-border cooperation.
MAS deputy manging director Jacqueline Loh said, “This MOU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness FinTech to create new opportunities that will benefit both individuals and businesses.
“This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”
The MOU was signed at the 5th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting.
The NBC deputy govenor Neav Chanthana added, “The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MOU. This will also allow us to share experiences and information related to FinTech to better manage and reap the benefit from the new innovation in financial technology in order to enhance payment system and promote financial inclusion.”
In April 2018, The Japanese Financial Services Agency (FSA) signed a FinTech letter of cooperation with Swiss regulators the Financial Market Supervisory Authority.
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