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Singapore and Brunei Darussalam enhance cooperation in financial innovation

On 12 May, the Monetary Authority of Singapore (MAS) announced
that it has signed a FinTech Cooperation Agreement (CA) with the Autoriti
Monetari Brunei Darussalam (AMBD) to foster innovation in financial services
between Brunei Darussalam and Singapore.

The signing took place during Singapore President Mdm
Halimah Yacob’s state visit to Brunei Darussalam. Signing on behalf of AMBD was
Managing Director Yang Mulia Yusof bin Hj Abd Rahman of AMBD, while MAS was
represented by Deputy Managing Director Jacqueline Loh. The signing was
witnessed by both President Halimah and His Majesty Sultan Haji Hassanal
Bolkiah Mu’izzaddin Waddaulah ibni AlMarhum Sultan Haji Omar ‘Ali Saifuddien
Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam.

The FinTech CA between MAS and AMDB aims to facilitate the
sharing of information on emerging fintech trends and developments and promote
joint innovation projects between both countries. It will also establish a
framework for both authorities to provide support for fintech companies to
better understand the regulatory regime and opportunities in each jurisdiction.

Beyond the FinTech CA, AMBD and MAS will also work together
to enhance the retail payment ecosystem between Brunei Darussalam and
Singapore. Both authorities will be guided by a cooperation framework that will
provide mutual benefits to businesses and consumers in the two countries.

Acting as Brunei Darussalam’s central bank, the AMBD
continuously aims to commit to the achievement and maintenance of a sound and
dynamic financial system through the implementation of measures and execution
of financial sector reforms in line with the national economic development
objectives.

These include ensuring the stability of domestic prices and
the financial system –by formulating financial regulations and prudential
standards; assisting in the establishment and functioning of efficient payment
systems –and to oversee them; and to foster and develop a sound and progressive
financial services sector. These are achieved through three core functions,
chief of which is the formulation and implementation of monetary policies, the
regulation and supervision of financial institutions as well as currency
management.

As Singapore’s central bank, MAS promotes sustained,
non-inflationary economic growth through the conduct of monetary policy and
close macroeconomic surveillance and analysis. MAS fosters a sound financial
services sector through its prudential oversight of all financial institutions
in Singapore – banks, insurers, capital market intermediaries, financial
advisors, and stock exchanges. It also facilitates the development of
infrastructure, adoption of technology, and upgrading of skills in the
financial industry.

Recently, MAS announced
that it is collaborating with the Economic Development Board (EDB), Infocomm
Media Development Authority (IMDA) and Institute of Banking and Finance (IBF) to
accelerate the adoption of artificial intelligence (AI) in Singapore’s
financial sector through: (1) developing AI products, (2) matching users and
solution providers, and (3) strengthening AI capabilities.

Just last
month
, MAS also announced that it is developing guide for responsible and ethical use of AI and data analytics
by financial institutions. The guide will set out key principles and best
practices for the use of AI and data analytics, helping financial institutions
to strengthen internal governance and reduce risks of data misuse. It will
cover all segments of the financial sector, including fintech firms.

In the upcoming Singapore
FinTech Festival
organised by the MAS, the festival will highlight FinTech
developments and opportunities in ASEAN. Delegates from ASEAN countries will also enjoy
special rates for tickets to the Festival.

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.

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