We are creating some awesome events for you. Kindly bear with us.

Bank of Thailand and Monetary Authority of Singapore sign FinTech Cooperation Agreement

Bank of Thailand and Monetary Authority of Singapore sign FinTech Cooperation Agreement

Veerathai Santiprabhob, Governor, BOT (L) and Ravi Menon, Managing Director, MAS (R) /Photo credit: MAS

The Bank of Thailand (BOT) and the Monetary Authority of Singapore (MAS) have signed a FinTech Cooperation Agreement (CA) and updated an existing Memorandum of Understanding (MOU) on Banking Supervision. The two documents were signed at the side of the biennial BOT-MAS Bilateral Meeting.

The CA enables the BOT and MAS to share information on emerging market trends and their impact on regulations. In addition, the two regulators will be able to refer FinTech companies to their counterparts. The agreement also signals a shared intent to explore jointly undertaking innovation projects, especially those with potential for cross-border applicability. The aim is to help develop a richer financial ecosystem in Thailand and Singapore as well as in ASEAN.

BOT and MAS also updated their MOU on Banking Supervision, which had been in place since 2006. The MOU serves to strengthen bilateral collaboration in safeguarding the resilience of the two countries’ banking systems. The updated MOU sets out in greater detail the two central banks’ commitment to fostering greater information exchange and cooperation in the areas of licensing, on-site examinations, supervisory colleges, and crisis
management.

Veerathai Santiprabhob, Governor, BOT, said, “The MOU and the CA between MAS and BOT represent another important milestone in the development of the banking supervision and FinTech cooperation between our two central banks. In our present era characterised by volatility, complexity and technological innovations, I believe that strengthening cooperation among our institutions will play a key role in fostering regional financial stability and sustainable growth. Cooperation on new financial technology will bring about greater financial inclusion and upgrade the provision of financial services to our region.”

Ravi Menon, Managing Director, MAS, said, “BOT and MAS are longstanding partners in promoting regional financial integration and supervisory cooperation. We also share a common interest in promoting innovation and growing the FinTech ecosystem to better serve ASEAN markets. The CA and the MOU are complementary, and reflect our joint commitment to capture new opportunities in cross-border financial services while containing their risks.”

Several FinTech cooperation agreements since 2016

Since last year, MAS has signed several agreements with overseas financial regulators for cooperation on the development of FinTech, including with the Financial Conduct Authority, UK (May 2016), Australian Securities and Investments Commission (June 2016), Swiss Financial Market Supervisory Authority (September 2016), Korean Financial Services Commission (October 2016), Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers of France (March 2017), Financial Services of Agency, Japan (March 2017) and the Danish Financial Supervisory Authority (June 2017).

In late March, MAS entered into a Cooperation Agreement with Abu Dhabi Global Market to cooperate on developments and initiatives that nurture FinTech entrepreneurship and support innovation in financial services in both countries.

On May 23 2017, MAS signed a memorandum of cooperation with International Finance Corporation (IFC), a member of the World Bank Group to work together for establishing and developing the ASEAN Financial Innovation Network (AFIN). In June 2017, MAS and the Association of Supervisors of Banks of the Americas (ASBA) signed a MOU to bolster FinTech ties between Singapore and the Americas.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend