The Monetary Authority of Singapore (MAS) and the Central Bank of Bahrain (CBB) have signed a memorandum of understanding (MoU) to facilitate collaboration in financial services.
The MoU was signed by the two entities at Singapore FinTech Festival 2018.
Go deeper with GlobalData
Details of MAS fintech collaboration agreement
The agreement will enable the two countries to exchange information on emerging trends and development.
It will also encourage innovation in financial services and mutually beneficial projects in both the countries.
Additionally, the MoU provides a common framework to help the fintech companies comply with the necessary regulatory requirements in Bahrain and Singapore.
CBB governor Rasheed Al Maraj said: “This MoU represents our ongoing cooperation with the Monetary Authority of Singapore, and marks an important milestone in the mutual efforts undertaken by both authorities in enhancing our Fintech ecosystems.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMAS managing director Ravi Menon said: “In recent years, FinTech has created new linkages between the Middle Eastern and South East Asian regions.
“With this MoU, we look forward to strengthening these linkages and expanding opportunities for FinTech firms in Bahrain and Singapore.”
In another development, MAS has signed a tripartite cooperation agreement with the Astana Financial Services Authority (AFSA) and Astana International Financial Centre Authority (AIFCA).
The agreement aims to facilitate fintech ties between Singapore and Kazakhstan.
