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.

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.

MAS 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.