The Philippines Central Bank and the Monetary Authority of Singapore have singed a cooperation agreement to support payments between the two countries.
This agreement will support the remittance and cross-border payments of companies in the two countries.
First on the agenda will be the linking of domestic payment systems with the rest of the Association of Southeast Asian Nations (ASEAN) members.
MAS has been quite active in signing collaboration agreements around the world. It recently signed a series of memorandums of understanding with the US, which were designed to widen their collaboration on cybersecurity across defence, financial, and research and development.
Singapore has established a strong FinTech sector. In the opening nine months of 2021 a total of $2.1bn has been invested into companies based in the country, according to data by FinTech Global. Since 2017, a total of $5.8bn has been invested through 490 investments.
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